Question

Current Attempt in Progress Sandhill Co. 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 $6,833.90. 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 5-317,063.00 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 $59.00 for the printing of additional company checks. 2. Cash sales of $902.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $952.15. The bank credited Sandhill Co. for the correct amount. 3. Outstanding checks at May 31 totaled $285.25, and deposits in transit were $1.899.15. 4. On May 18, the company issued check No. 1181 for $684.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Sandhill Co.for $648.00. 5. $2,804.00 was collected from a customer note receivable by the bank for Sandhill Co. on May 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $341.00 that was incorrectly charged to Sandhill Co. by the bank. 7. On May 31, the bank statement showed an NSF charge of $475.00 for a check issued by Sara Ballard, a customer to Sandhill Co.on account

Answer 1

Bank reconciliation
May 31,2022
Cash balance per Bank statement		7063.00
Add:
Deposits in transit	1899.15
Bank error-Tomins	341.00
		2240.15
		9303.15
Less: Outstanding checks		285.25
Adjusted cash balance per bank		9017.90
Cash balance per books		6833.90
Add: Electronic funds transfer received		2804.00
		9637.90
Less:
Check printing charge	59.00
Error in recording check	36.00
Error in deposit	50.00
NSF check	475.00
		620.00
Adjusted Cash balance per books		9017.90