Davaney Genetics Company of Milwaukee, Wisconsin, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, the company?s Cash account per its general ledger showed the following balance.
CASH NO. 101
The bank statement from Milwaukee State Bank on that date showed the following balance.
MILWAUKEE STATE BANK
Checks and Debits Deposits and Credits Daily Balance
XXX XXX 5/31 13,332
A comparison of the details on the bank statement with the details in 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 Davaney Genetics Company for the correct amount.
3. Outstanding checks at May 31 totaled $1,225, and deposits in transit were $2,600.
4. On May 18, the company issued check no. 1181 for $911 to J. Tallgrass on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Davaney Genetics Company for $119.5. A $4,500 note receivable was collected by the bank for Davaney Genetics 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 canceled checks was a check issued by Morray Company to Terry Irvin for $900 that was incorrectly charged to Davaney Genetics Company by the bank.
7. On May 31, the bank statement showed an NSF charge of $1,308 for a check issued by Peter Reser, a customer, to Davaney Genetics Company on account.
(a) Prepare the bank reconciliation at May 31, 2017.
(b) Prepare the necessary adjusting entries for Davaney Genetics Company at May 31, 2017.
This question was answered on: Dec 08, 2020
Buy this answer for only: $15
This attachment is locked
We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
About this QuestionSTATUS
Dec 08, 2020EXPERT
GET INSTANT HELP/h4>
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:
- As a reference for in-depth understanding of the subject.
- As a source of ideas / reasoning for your own research (if properly referenced)
- For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
NEW ASSIGNMENT HELP?
Order New Solution. Quick Turnaround
Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.
WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.