Following is information on the Canada Company. Required: Prepare a bank reconciliation and general journal entries for the month of May. Cash Account 101 Credit Balance $87,500 Date Explanation PR Debit Apr 30Balance May 1 Payment of May rent #3410 Establish petty cash fund #3411 GI $20,000 $67,500 G1 $300 $67,200 Collected from Smith Inc. GI $24,059 $91,259 Payment to Lethbridge Co #3412 11 Received payment from Calgary Co GI $9,800 26 Payment of May utilities #3413 29 Withdrawal by owner # 3414 S45,325 $45,934 $55,734 G2 $2,565 S53,169 G2 $3,600 $49,569 30 Collected on account from Alberta CoG2 S5,121 %2454,690 30 May payroll net pay total #3415 S60,650 -S5,961 30 Petty cash reconciliation # 3416 G2 $275-$6,236 $119.565 30 Cash sales for May G2S125,800 Canada Company Bank Reconciliation April 30, 2020 Balance Per Bank Add: Deposit in Transit $83,540 Book Balance $4,500 S87,500 Total $88,040 Outstanding Cheques 3409 Adjusted Bank Balance S540 $87,500 Adjusted Bank Balance S87,500 Bank Statement First Provincial Bank of Taber TO: Canada Company May 31, 2020 Bank Statement First Provincial Bank TO: Canada Company Taber May 31, 2020 Cheques/Charges Deposits S83,540 # 3409 5/2/200X $540 5/1/200X $4,500 S87,500 $67,500 #3410 5/3/200XS20,000 # 3412 5/9/200XS45,325 # 3411 5/9/20Ox 5/5/200X $24,059 $91,559 $46.234 $45,934 S300 5/11/200X $9,680 $55,614 #34135/27/200x $2,565 $53,049 # 34155/30/200XS60,650 -$7,601 -SI1,201 -S11,201 5/30/200X $5,121 -$6,080 -$6,580 $45 $6,585 # 34145/30/200X $3,600 OvrDrf5/31/200X $500 sCS/31/200X $50 05/31 Int
Following is information on the Canada Company. Required: Prepare a bank reconciliation and general journal entries for the month of May. Cash Account 101 Credit Balance $87,500 Date Explanation PR Debit Apr 30Balance May 1 Payment of May rent #3410 Establish petty cash fund #3411 GI $20,000 $67,500 G1 $300 $67,200 Collected from Smith Inc. GI $24,059 $91,259 Payment to Lethbridge Co #3412 11 Received payment from Calgary Co GI $9,800 26 Payment of May utilities #3413 29 Withdrawal by owner # 3414 S45,325 $45,934 $55,734 G2 $2,565 S53,169 G2 $3,600 $49,569 30 Collected on account from Alberta CoG2 S5,121 %2454,690 30 May payroll net pay total #3415 S60,650 -S5,961 30 Petty cash reconciliation # 3416 G2 $275-$6,236 $119.565 30 Cash sales for May G2S125,800 Canada Company Bank Reconciliation April 30, 2020 Balance Per Bank Add: Deposit in Transit $83,540 Book Balance $4,500 S87,500 Total $88,040 Outstanding Cheques 3409 Adjusted Bank Balance S540 $87,500 Adjusted Bank Balance S87,500 Bank Statement First Provincial Bank of Taber TO: Canada Company May 31, 2020 Bank Statement First Provincial Bank TO: Canada Company Taber May 31, 2020 Cheques/Charges Deposits S83,540 # 3409 5/2/200X $540 5/1/200X $4,500 S87,500 $67,500 #3410 5/3/200XS20,000 # 3412 5/9/200XS45,325 # 3411 5/9/20Ox 5/5/200X $24,059 $91,559 $46.234 $45,934 S300 5/11/200X $9,680 $55,614 #34135/27/200x $2,565 $53,049 # 34155/30/200XS60,650 -$7,601 -SI1,201 -S11,201 5/30/200X $5,121 -$6,080 -$6,580 $45 $6,585 # 34145/30/200X $3,600 OvrDrf5/31/200X $500 sCS/31/200X $50 05/31 Int
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.4E
Related questions
Question
Bank reconcilation
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning