Sigma Company’s bank statement shows a balance per bank $ 18,280 on May 31, 2012. The balance of the cash in Sigma company books on the same date is $ 17,319. The following reconciling items are determined: (5 Marks)

1. Deposit in transit on May 31 total $1,752 (received by the bank on June).

2. Outstanding checks on May 31 total $2,410.

3. Error: a check was correctly paid by the bank for $352, dated May 10, cleared by the bank on May 25 but was recorded and paid by Sigma for $325. 

4. Returned checks from Copple Co. $175.

5. Printing checks and other service charges were $ 50.

6. On behalf of Sigma Company, the bank Collection of notes receivable $550 with $15 earned interest. The bank charged $10 as collection fees.

Instructions: Prepare the bank reconciliation statement for Sigma Company in May 31

Answer rating: 100% (QA)

To prepare the bank reconciliation statement for Sigma Company as of May 31 2012 you need to adjust ... View the full answer