ZipFlyer Inc.'s cash T-Account for May shows the foliowing information: Cash Date Comments Amount Date Comments Amount May 1 May I Opening batance Deposit Cheque #75 Cheque 76 Cheque 177 Cheque #78 Cheque #79 Cheque #80 Cheque #81 Cheque 82 Cheque 83 Cheque #84 Cheque #85 Cheque 486 S13,846 1.550 2,700 May I May 3 May 4 SS50 875 1.256 May 3 May 15 May 21 Миу 31 Deposit Deposit Deposit Deposit May 7 May 10 May 13 May 17 May 21 May 25 May 18 May 29 May 31 4.950 3,684 2,600 1,100 3.000 486 548 3,058 1,244 983 68 175 May 31 Eading Balance $14,619 The following comes from the cempany's April 2024 Bank Statement: Date Balance $13846 15,396 14,846 Description Balance Forward Deposit Cheque #75 Depasit Cheque #77 NSF Cheque -W. White Cheque #76 Cheque 78 Bank Collection Cheque #79 EFT-Utilities hill Deposit Cheque #80 Depasit EFT- Telephone Cheque #82 Cheque #83 Bank plan fee Interest Withdrawals Deposits April 30 May 2 Мау 3 May 4 May 6 Мay 7 May 8 May 10 May I1 Мay 13 May 14 May 15 Маy 18 Маy 21 May 24 Мay 25 1,550 550 2,700 17.546 16,290 15,698 14,815 1.256 600 875 3,684 11.131 15.431 14,331 14.031 18.981 18,513 21,113 4,300 1.100 300 4.950 468 2,600 100 21.013 3,058 May 27 May 31 May 31 17.955 16,711 16,706 16.707 1,244 5. Additional Information A- The correct amouni of cheque #80 - a payment of an account payable is $468. ZipFlyer's bookkeeper made an error B- The bank collection was a note receivable. The note inciuded principal of $4,000 and interest of S300. No previous interest accruals had been made on the note. Required a) Prepare a bank reconciliation dated May 31, 2024. b) Record any required adjustments based on your reconciliation.
ZipFlyer Inc.'s cash T-Account for May shows the foliowing information: Cash Date Comments Amount Date Comments Amount May 1 May I Opening batance Deposit Cheque #75 Cheque 76 Cheque 177 Cheque #78 Cheque #79 Cheque #80 Cheque #81 Cheque 82 Cheque 83 Cheque #84 Cheque #85 Cheque 486 S13,846 1.550 2,700 May I May 3 May 4 SS50 875 1.256 May 3 May 15 May 21 Миу 31 Deposit Deposit Deposit Deposit May 7 May 10 May 13 May 17 May 21 May 25 May 18 May 29 May 31 4.950 3,684 2,600 1,100 3.000 486 548 3,058 1,244 983 68 175 May 31 Eading Balance $14,619 The following comes from the cempany's April 2024 Bank Statement: Date Balance $13846 15,396 14,846 Description Balance Forward Deposit Cheque #75 Depasit Cheque #77 NSF Cheque -W. White Cheque #76 Cheque 78 Bank Collection Cheque #79 EFT-Utilities hill Deposit Cheque #80 Depasit EFT- Telephone Cheque #82 Cheque #83 Bank plan fee Interest Withdrawals Deposits April 30 May 2 Мау 3 May 4 May 6 Мay 7 May 8 May 10 May I1 Мay 13 May 14 May 15 Маy 18 Маy 21 May 24 Мay 25 1,550 550 2,700 17.546 16,290 15,698 14,815 1.256 600 875 3,684 11.131 15.431 14,331 14.031 18.981 18,513 21,113 4,300 1.100 300 4.950 468 2,600 100 21.013 3,058 May 27 May 31 May 31 17.955 16,711 16,706 16.707 1,244 5. Additional Information A- The correct amouni of cheque #80 - a payment of an account payable is $468. ZipFlyer's bookkeeper made an error B- The bank collection was a note receivable. The note inciuded principal of $4,000 and interest of S300. No previous interest accruals had been made on the note. Required a) Prepare a bank reconciliation dated May 31, 2024. b) Record any required adjustments based on your reconciliation.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.21E
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Question
Transcribed Image Text:Bank Reconciliation Statements lecture
Homework #1
ZipFlyer Inc. 's cash T-Account for May shows the foliowing information:
Cash
Date
Commenis
Amount
S13,846
1.550
2,700
Date
Comments
Amount
Cheque 75
Cheque #76
Cheque 877
Cheque 78
Cheque #79
Cheque #80
Cheque #81
Cheque #82
Cheque #83
Cheque #84
Cheque #85
Cheque 486
Opening balance
Deposit
May !
May 3
May 1
May I
May 3
May 15
May 21
Миу 31
5550
875
Deposit
Deposit
Deposit
Deposit
May 4
1,256
May 7
May 10
May 13
Миу 17
May 21
May 25
May 28
May 29
May 31
4.950
3.684
2.600
3,000
1,100
486
548
3,058
1,244
983
68
175
May 31
Ending Balance
$14,619
The following comes from the company's April 2024 Bank Statement:
Date
Description
Balance Forward
Depasit
Cheque #75
Depasit
Cheque #77
NSF Cheque- W. White
Cheque #76
Cheyue #78
Bank Collection
Cheque #79
EFT - ltilities bill
Deposit
Cheque #80
Depasit
EFT- Telephone
Cheque #82
Cheque #83
Bank plan fee
Withdrawals
Deposits
Balance
$13846
15,396
14.846
17.546
16,290
15,690
April 30
Мay 2
May 3
1550
550
Миу 4
2,700
May 6
Маy 7
May 8
May 10
May 11
May 13
May 14
May 15
May 18
May 21
May 24
May 25
Маy 27
May 31
Мау 31
1,256
600
875
14,815
3,684
11.131
15.431
14.331
4,300
1.100
300
14.031
18.981
18,513
21,113
21.013
4.950
468
2,600
100
3,058
1.244
17.955
16,711
16,706
16,707
Interest
Additional Information
A- The correct amount of cheque #80 - a payment of an account payable is $468. ZipFlyer's
bookkeeper made an error
B- The bank collection was a note receivable. The note included principal of $4,000 and interest of
$300, No previous interest accruals had been made on the note.
Required
a.) Prepare a bank reconciliation dated May 31, 2024.
b.) Record any required adjustments based on your reconciliation.
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