Hello,How do I solve this?Thanks The bookkeeper for Crane Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bankreconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bankstatement showed the following:DateMay 135DepositCheque, No. 001Cheque, No. 002DepositCheque, No. 00421 Cheque, No. 00615192 2 22525 Returned cheque-NSF. S. GillisNSF fee27 Cheque, No. 00928 Cheque, No. 01031DescriptionDateMay 1CRANE MANUFACTURING LTD.Bank StatementMay 311531Bank service chargesCash ReceiptsAmount$31.5005,859$47,203AmountsDeducted fromAccount (Debits)DateMay 231415Crane's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for themonth of May showed the following:18192223252,0328,9932610,4491,2561,7012,6892,4735543Cash PaymentsNumber001002003004005006007008009Amounts Addedto Account(Credits)010Amount$2,0328,9932,12231.50010,4494491,2562,6936732,6892,473$33,8295.859Balance31,50029,46820,47526,33415,88514,62912,92812,88510.1967,7237,668 Review Crane's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will bedeposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and thecash receipts summary because these will not be deposits in transit.)Deposit in transit of May 31$

Bank reconciliation: It implies to a process of matching the bank balance appearing as per bank's…

Review Crane's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) Deposit in transit of May 31

Review Crane's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) Deposit in transit of May 31

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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