prepare the necessary adjusting entry for Carla Vista at May 31, 2017. CALCULATO

Question

prepare the necessary adjusting entry for Carla Vista at May 31, 2017.

CALCULATOR MESSAGE MY 1 SCREEN PRENTER VERSION Problem 7-5A (Part Level Submission) Carla Vista Co. of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, the company's Cash account per its general ledger showed a balance of $6,828.90. The bank statement from Emporia State Bank on that date showed the following balan EMPORIA STATE BANK Checks and DebitsDeposits and Credits Daily Balance xXX xxX 5-31 7,058.00 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 $58.00 for the printing of additional company checks. 2. Cash sales of $901.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit sip were incorrectly made for s951. 15. The bank credited Carla Vista Co. for the correct amount. 3. Outstanding checks at May 31 totaled $294.25, and deposits in transit were $1,898.15. 4. On May 18, the company issued check No. 1181 for $683.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Carla Vista co. for $638.00. 5. A $2,798.00 note receivable was collected by the bank for Carla vista Co. on May 31 through electronic funds transfer 6. Included with the canceled checks was a check issued by Tomins Company to c. Pernod for $342.00 that was incorrectly charged to Carla vista Co. by the bank 7. On May 31, the bank statement showed an NSF charge of $470.00 for a check issued by Sara Ballard, a customer, to Carla Vista Co. on account.

Explanation / Answer

Journal entries Accounts title and explanations Debit $ Credit $ Misc Expense Dr. 58      Cash 58 Sales revenue Account Dr. 50        Cash account   (951.15-901.15) 50 Accounts payable-H.Moses Account Dr. 45         Cash account 45 Cash Account Dr. 2798       Notes receivable 2798 Accounts receivable-Sara ballard Account Dr. 470        Cash Account 470

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