Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of $7,407.00. 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 8,318.40 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 for the printing of additional company checks. 2. Cash sales of $801.20 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $851.20. The bank credited Timmins Company for the correct amount. 3. Outstanding checks at May 31 totaled $906.70, and deposits in transit were $1,820.30. 4. On May 18, the company issued check No. 1181 for $694 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $649. 5. $2,800 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $460 that was incorrectly charged to Timmins Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $380 for a check issued by Sara Ballard, a customer, to Timmins Company on account. (a) Your Answer Correct Answer (Used) Partially correct answer icon Your answer is partially correct. Prepare the bank reconciliation at May 31, 2020. (List items that increase cash balance first.) CORONADO COMPANY Bank Reconciliation Choose the accounting period Select an opening name for section one $Enter a dollar amount Select between addition and deduction : Select a reconciling item Enter a dollar amount Select a reconciling item Enter a dollar amount Enter a subtotal of the two previous amounts Enter a subtotal amount for the first part Select between addition and deduction : Select a reconciling item Enter a dollar amount Select a closing name for section one $Enter a total amount for section one Select an opening name for section two $Enter a dollar amount Select between addition and deduction : Select a reconciling item Enter a dollar amount Enter a subtotal of the two previous amounts Select between addition and deduction : Select a reconciling item Enter a dollar amount Select a reconciling item Enter a dollar amount Select a reconciling item Enter a dollar amount Select a reconciling item Enter a dollar amount Enter a subtotal of the four previous amounts Select a closing name for section two $Enter a total amount for section two
Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of $7,407.00. 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 8,318.40 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 for the printing of additional company checks. 2. Cash sales of $801.20 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $851.20. The bank credited Timmins Company for the correct amount. 3. Outstanding checks at May 31 totaled $906.70, and deposits in transit were $1,820.30. 4. On May 18, the company issued check No. 1181 for $694 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $649. 5. $2,800 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $460 that was incorrectly charged to Timmins Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $380 for a check issued by Sara Ballard, a customer, to Timmins Company on account. (a) Your Answer Correct Answer (Used) Partially correct answer icon Your answer is partially correct. Prepare the bank reconciliation at May 31, 2020. (List items that increase cash balance first.) CORONADO COMPANY Bank Reconciliation Choose the accounting period Select an opening name for section one $Enter a dollar amount Select between addition and deduction : Select a reconciling item Enter a dollar amount Select a reconciling item Enter a dollar amount Enter a subtotal of the two previous amounts Enter a subtotal amount for the first part Select between addition and deduction : Select a reconciling item Enter a dollar amount Select a closing name for section one $Enter a total amount for section one Select an opening name for section two $Enter a dollar amount Select between addition and deduction : Select a reconciling item Enter a dollar amount Enter a subtotal of the two previous amounts Select between addition and deduction : Select a reconciling item Enter a dollar amount Select a reconciling item Enter a dollar amount Select a reconciling item Enter a dollar amount Select a reconciling item Enter a dollar amount Enter a subtotal of the four previous amounts Select a closing name for section two $Enter a total amount for section two
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of $7,407.00.
The bank statement from Emporia State Bank on that date showed the following balance.
A comparison of the details on the bank statement with the details in the Cash account revealed the following facts.
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
|
8,318.40 |
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 for the printing of additional company checks. | ||
2. | Cash sales of $801.20 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $851.20. The bank credited Timmins Company for the correct amount. | ||
3. | Outstanding checks at May 31 totaled $906.70, and deposits in transit were $1,820.30. | ||
4. | On May 18, the company issued check No. 1181 for $694 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $649. | ||
5. | $2,800 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. | ||
6. | Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $460 that was incorrectly charged to Timmins Company by the bank. | ||
7. | On May 31, the bank statement showed an NSF charge of $380 for a check issued by Sara Ballard, a customer, to Timmins Company on account. |
(a)
- Your Answer
- Correct Answer (Used)
Partially correct answer icon
Your answer is partially correct.
Prepare the bank reconciliation at May 31, 2020. (List items that increase cash balance first.)
CORONADO COMPANY
Bank Reconciliation Choose the accounting period |
|||||
---|---|---|---|---|---|
Select an opening name for section one
|
$Enter a dollar amount
|
||||
Select between addition and deduction :
|
|||||
Select a reconciling item
|
Enter a dollar amount
|
||||
Select a reconciling item
|
Enter a dollar amount
|
||||
Enter a subtotal of the two previous amounts
|
|||||
Enter a subtotal amount for the first part
|
|||||
Select between addition and deduction :
|
Select a reconciling item
|
Enter a dollar amount
|
|||
Select a closing name for section one
|
$Enter a total amount for section one
|
||||
Select an opening name for section two
|
$Enter a dollar amount
|
||||
Select between addition and deduction :
|
Select a reconciling item
|
Enter a dollar amount
|
|||
Enter a subtotal of the two previous amounts
|
|||||
Select between addition and deduction :
|
|||||
Select a reconciling item
|
Enter a dollar amount
|
||||
Select a reconciling item
|
Enter a dollar amount
|
||||
Select a reconciling item
|
Enter a dollar amount
|
||||
Select a reconciling item
|
Enter a dollar amount | ||||
Enter a subtotal of the four previous amounts | |||||
Select a closing name for section two
|
$Enter a total amount for section two
|
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