Reference no: EM132952573
The cash account for Williams Brothers on May 31 indicated a balance of $20,915. The March bank statement indicated an ending balance of $25,645.
Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
a. Checks outstanding totaled $5,975.
b. A deposit of $3,796 had been made too late to appear on the bank statement.
c. A check for $1,482 returned with the statement had been incorrectly recorded by Williams Brothers as $482. The check was originally issued to pay on account.
d. The bank collected $4,515 on a note left for collection of which $515 was interest revenue.
e. Bank service charges for May amounted to $70.
f. A check for $894 was returned by the bank because of insufficient funds.
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Problem 1: Prepare a bank reconciliation as of May 31. Journalize the necessary entries.
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: Prepare a bank reconciliation as of May 31. Journalize the necessary entries. The cash account for Williams Brothers on May 31 indicated a balance of $20,915.
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