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Question 5 (a) Which cash balance should be reported in the balance sheet, cash book balance or the bank statement balance? Why? (b) ABC Company does business of fertilizers. On May 31, 2010, the company's cash account per its general ledger showed the following balance. CASH Ref. Debit Credit Date May 31 Explanation Balance NO. 101 Balance $13,287 Company's bank statement from SCB Bank, on the same date showed the following balance. SCB Bank Checks and Debits Deposits and Credits Balance XXX XXX $ 13,332 A comparison of the details on the bank statement with the cash account revealed the following facts. 1. The statement included a debit memo of $35 for the printing of additional company checks. 2. Cash sales of $1,720 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $1,820. The bank credited ABC Company for the correct amount. 3. Outstanding checks at May 31 totaled $1,225, and deposits in transit were $2,100. 4. On May 18, the company issued check for $911 to GetSmart Company, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by ABC Company for $119. 5. A $4,000 note receivable was collected by the bank for ABC Company on May 31 plus $80 interest. The bank charged a collection fee of $25. No interest has been accrued on the note. 6. Included with the cancelled checks was a check issued by Caf World to Henry Ford for $900 that was incorrectly charged to ABC Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $1,308 for a check issued by Michael Schumacher, a customer, to ABC Company on account. Instruction: Prepare the Bank Reconciliation at May 31, 2008. Question 8 Gabriela Sabatini, a former professional tennis star operates her own tennis shop, "Sabatini Tennis Shop'. At the beginning of the current season her business holds the following inventory balances. No. of units Selling price per unit Racquets Tennis shoes Shirts and Shorts $60 Cost price per unit $40 $25 $30 30 20 35 $40 $45 : The following transactions were completed during June. June 04 Purchase 11 racquets from Reeve Co. @ $45 each; FOB shipping point, terms 2/10, n/30. The appropriate party paid freight of $20. 05 Incurred advertisement on account $2,500. : 06 Received credit of $45 from Reeve Co. for a damaged racquet that was returned. a : . 08 Sold tennis shoes of 5 units to members; FOB shipping point, terms 1/10, n/60. The appropriate party paid freight of $10. 12 Purchase Shirts & Shorts from Lee Enterprise $250; FOB Destination, terms 3/10, n/40. The appropriate party paid freight of $15. 13 Paid Reeve Co. in full. : : 16 Sold racquets of 15 units to DD Enterprise for cash; FOB Destination. The appropriate party paid : freight of $30. 17 Receive cash payment from members for the merchandise sold on June 8. : 20 Purchase supplies on account $50 from Lesner Supply Co. : 22 Made refund of $120 to DD Enterprise for merchandise returned by them. : 23 Sabatini withdraw $1,200 cash for her personal use. : 25 Paid Lee enterprise in full. : Journalize the above transactions assuming the entity is following perpetual inventory system and use LIFO cost flow method in valuing inventory