Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, thecompany'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 BANKChecks and DebitsDeposits and CreditsDaily BalanceXXXXXX5-31 6,968.00A 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 wereincorrectly 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 inMay, 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 electronicfunds transfer.Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $360.00 that was incorrectlycharged 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, toTimmins Company on account.7.6. Prepare the necessary adjusting entries for Timmins Company at May 31, 2022. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275. 50.)DateAccount Titles and ExplanationDebitCreditMay 31(To record collection of note receivable by bank)31(To record NSF check)31(To correct error in deposit)31(To correct error in recording check)31(To record charge for printing company checks)

Journal entry is the place where the financial transactions are initially recorded by the company.

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.

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.

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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