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Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5,275. 50.) TIMMINS COMPANY Bank Reconciliation %24 %24 %24 %24

Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5,275. 50.) TIMMINS COMPANY Bank Reconciliation %24 %24 %24 %24

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5,275. 50.) TIMMINS COMPANY Bank Reconciliation 24 %24 %24 %24
Transcribed Image Text:Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5,275. 50.) TIMMINS COMPANY Bank Reconciliation 24 %24 %24 %24
Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cash account per its general ledger showed a balance of $6,738.90. The bank statement from Emporia State Bank on that date showed the following balance. EMPORIA STATE BANK Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 6,968.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $40.00 for the printing of additional company checks. Cash sales of $883.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $933.15. The bank credited Timmins Company for the correct amount. 2. 3. Outstanding checks at May 31 totaled $276.25, and deposits in transit were $1,880.15. On May 18, the company issued check No. 1181 for $685.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $658.00. 4. 5. $2,690.00 was collected from a customer note receivable by the bank for Timmins Company on May 31 through electronic funds transfer. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $360.00 that was incorrectly charged to Timmins Company by the bank. On May 31, the bank statement showed an NSF charge of $380.00 for a check issued by Sara Ballard, a customer, to Timmins Company on account. 7. 6.
Transcribed Image Text:Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cash account per its general ledger showed a balance of $6,738.90. The bank statement from Emporia State Bank on that date showed the following balance. EMPORIA STATE BANK Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 6,968.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $40.00 for the printing of additional company checks. Cash sales of $883.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $933.15. The bank credited Timmins Company for the correct amount. 2. 3. Outstanding checks at May 31 totaled $276.25, and deposits in transit were $1,880.15. On May 18, the company issued check No. 1181 for $685.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $658.00. 4. 5. $2,690.00 was collected from a customer note receivable by the bank for Timmins Company on May 31 through electronic funds transfer. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $360.00 that was incorrectly charged to Timmins Company by the bank. On May 31, the bank statement showed an NSF charge of $380.00 for a check issued by Sara Ballard, a customer, to Timmins Company on account. 7. 6.
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