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 7,083.00 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 $63.00 for the printing of additional company checks. Cash sales of $906.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $956.15. The bank credited Cullumber Company for the correct amount. 2. Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,903.15. On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Cullumber Company for $668.00. 3. 4. 5. $2,828.00 was collected from a customer's note receivable by the bank for Cullumber Company on May 31 through electronic funds transfer. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $337.00 that was incorrectly charged to Cullumber Company by the bank. 6. 7. On May 31, the bank statement showed an NSF charge of $495.00 for a check issued by Sara Ballard, a customer, to Cullumber Company on account.
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 7,083.00 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 $63.00 for the printing of additional company checks. Cash sales of $906.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $956.15. The bank credited Cullumber Company for the correct amount. 2. Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,903.15. On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Cullumber Company for $668.00. 3. 4. 5. $2,828.00 was collected from a customer's note receivable by the bank for Cullumber Company on May 31 through electronic funds transfer. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $337.00 that was incorrectly charged to Cullumber Company by the bank. 6. 7. On May 31, the bank statement showed an NSF charge of $495.00 for a check issued by Sara Ballard, a customer, to Cullumber Company on account.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 2AP
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Transcribed Image Text:(a)
Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Reconcile cash balance
per bank fırst. Round answers to 2 decimal places, e.g. 52.75.)
CULLUMBER COMPANY
Bank Reconciliation
May 31, 2022
Adjusted cash balance per bank
$
$
2$
$
>
>
>
>
>
>
>
>
>
Transcribed Image Text:Cullumber 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 $6,853.90.
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 7,083.00
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 $63.00 for the printing of additional company checks.
Cash sales of $906.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly
made for $956.15. The bank credited Cullumber Company for the correct amount.
2.
3.
Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,903.15.
On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the bank in
May, was incorrectly journalized and posted by Cullumber Company for $668.00.
4.
5.
$2,828.00 was collected from a customer's note receivable by the bank for Cullumber 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 $337.00 that was incorrectly
charged to Cullumber Company by the bank.
On May 31, the bank statement showed an NSF charge of $495.00 for a check issued by Sara Ballard, a customer, to
Cullumber Company on account.
7.
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