Reference no: EM133022990
Question - Prepare bank reconciliation for Cole Co. assuming the following as of May 31. Use the worksheet provided in the Ch 7 Module:
1) The company's cash account as a debit balance of: $95,250
2) The bank statement shows a balance of: $82,500
3) April 30 outstanding checks: $11,317
5) A credit memorandum was received by the bank, but not recorded by Cole Co. by May 31
a) Cash collected by the bank:$18,000
b) Collection fee deducted by bank: $45
6) Check 1115 was written and drawn for $1,350 but was erroneously entered in the accounting records as $1,050. The check was for rent.
7) May 31st daily cash sales were deposited but did not appear on the May 31 bank statement. $41,750
8) Interest earned, but not recorded: $28
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How much will they need to save each year
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