2. Toyota Motor Company's bank account statement showed a balance of $27,392 of May 31, before...

Transcribed Image Text:

2. Toyota Motor Company's bank account statement showed a balance of $27,392 of May 31, before the bank reconciliation was prepared. After examining the May bank statement and items included with it, Toyota's accountant found the following items: Checks outstanding Deposits outstanding NSF check Service fees $11,771 20,210 395 40 Error: Toyota wrote a check for $30 but recorded it incorrectly for $330.Also, the bank withdrew $1,102 that should not have been deducted from Toyota's account. What is the amount of cash that should be reported in the company's balance sheet as of May 31? 2. Toyota Motor Company's bank account statement showed a balance of $27,392 of May 31, before the bank reconciliation was prepared. After examining the May bank statement and items included with it, Toyota's accountant found the following items: Checks outstanding Deposits outstanding NSF check Service fees $11,771 20,210 395 40 Error: Toyota wrote a check for $30 but recorded it incorrectly for $330.Also, the bank withdrew $1,102 that should not have been deducted from Toyota's account. What is the amount of cash that should be reported in the company's balance sheet as of May 31?

Answer rating: 100% (QA)

27392 Balance as per Bank Statement 11771 Chec... View the full answer