Current Attempt in Progress Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for...

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Current Attempt in Progress Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company's Cash account per its general ledger showed a balance of $7,402.00. The bank statement from Emporia State Bank on that date showed the following balance. Emporia State Bank Checks and Debits XXX 1. 2. 3. A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. The statement included a debit memo of $30 for the printing of additional company checks. Cash sales of $993.48 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $1,043.48. The bank credited Timmins Company for the correct amount. Outstanding checks at May 31 totaled $941.35, and deposits in transit were $2.013.15. On May 18, the company issued check No. 1181 for $663 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $636. $3,000 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. 4. 5. 6. Deposits and Credits XXX 7. Daily Balance 5-31 8,403.20 Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $460 that was incorrectly charged to Timmins Company by the bank. On May 31, the bank statement showed an NSF charge of $360 for a check issued by Sara Ballard, a customer, to Timmins Company on account. Prepare the bank reconciliation at May 31, 2020. (List items that increase cash balance first.) SUNLAND COMPANY Bank Reconciliation Cash Balance Per Bank Statement Add ✓ Less Deposits in Transit Bank Error-Tomins Adjusted Cash Balance Per Bank Add Outstanding Checks Cash Balance Per Books Less May 31, 2020 Electronic Funds Transfer Received Check Printing Charge Error in May 12 Deposit Error in Recording Check No.1181 NSF Check Adjusted Cash Balance Per Books 2013.15 460 30 50 27 360 S 8403.20 10718 9475 -941.35 9935 7402 3000 10402 467 9935 (b) Prepare the necessary adjusting entries for Timmins Company at May 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 31 May 31 May 31 May 31 May 31 (To record receipt of electronic funds transfer) (To record NSF check) (To correct error in deposit check) (To correct error in recording check) (To record bank service charge) List of Accounts Debit Credit Current Attempt in Progress Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company's Cash account per its general ledger showed a balance of $7,402.00. The bank statement from Emporia State Bank on that date showed the following balance. Emporia State Bank Checks and Debits XXX 1. 2. 3. A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. The statement included a debit memo of $30 for the printing of additional company checks. Cash sales of $993.48 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $1,043.48. The bank credited Timmins Company for the correct amount. Outstanding checks at May 31 totaled $941.35, and deposits in transit were $2.013.15. On May 18, the company issued check No. 1181 for $663 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $636. $3,000 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. 4. 5. 6. Deposits and Credits XXX 7. Daily Balance 5-31 8,403.20 Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $460 that was incorrectly charged to Timmins Company by the bank. On May 31, the bank statement showed an NSF charge of $360 for a check issued by Sara Ballard, a customer, to Timmins Company on account. Prepare the bank reconciliation at May 31, 2020. (List items that increase cash balance first.) SUNLAND COMPANY Bank Reconciliation Cash Balance Per Bank Statement Add ✓ Less Deposits in Transit Bank Error-Tomins Adjusted Cash Balance Per Bank Add Outstanding Checks Cash Balance Per Books Less May 31, 2020 Electronic Funds Transfer Received Check Printing Charge Error in May 12 Deposit Error in Recording Check No.1181 NSF Check Adjusted Cash Balance Per Books 2013.15 460 30 50 27 360 S 8403.20 10718 9475 -941.35 9935 7402 3000 10402 467 9935 (b) Prepare the necessary adjusting entries for Timmins Company at May 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 31 May 31 May 31 May 31 May 31 (To record receipt of electronic funds transfer) (To record NSF check) (To correct error in deposit check) (To correct error in recording check) (To record bank service charge) List of Accounts Debit Credit

Answer rating: 100% (QA)

To pass the adjusting entries based on the bank reconciliation we need to account for the differences between the cash balance per the bank statement ... View the full answer