During May 2009, AR Company wrote a cheque (#345) to a supplier as a payment on its

Question:

During May 2009, AR Company wrote a cheque (#345) to a supplier as a payment on its account. The cheque was written for the correct amount of SI5,200. The May bank statement listed the cheque at $51,200 and an ending account balance of ($48,300) in overdraft.
Required:
a. Prepare the portion of the May cash reconciliation that reconciles the bank balance to cash balance to be used in the financial statements.
b. Where on the should the cash (or overdraft) balance be shown? Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...