edugen.wileyplus.com Trent WileyPLUS Return to Blackboard el, Financial Accounti

Question

edugen.wileyplus.com Trent WileyPLUS Return to Blackboard el, Financial Accounting, Seventh Canadian Edition PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES The bookkeeper for Pharoah Manufacturing Ltd. was trying to determine what items would be used in prepering the company's bank reconciliation that she is completing at May 31, 2018, which was the company's first month of operations. The company's bank statement showed the following PHAROAH MANUFACTURING LTD. May 31 Amounts Added to Account Deducted fronm Date Description Account (Debits) (Credits) Balance 28,000 28,000 26,320 19,190 4,970 24,160 16,670 15,720 14,380 14,354 12,314 10,504 10,467 Objective May 1 Deposit 1,680 7,130 3 Cheque, No. 001 5 Cheque, No. 002 15 Deposit 19 Cheque, No. 004 21 Cheque, No. 006 25 Returned cheque-NSF, S. Gillis 25 NSF fee 27 Cheque, No. 009 28 Cheque, No. 010 31 Bank service charges 7,490 1,340 26 2,040 1,810 37 Pharoah's cash receipts summary (which were all deposited) and cheque summary (which were all mailed out to suppliers) for the month of May showed the following Cash Receipts Cash Payments Amount $28,000 4,970 8,220 $41,190 Number Amount $1,680 7,130 1,580 7,490 360 950 2,040 500 2,040 1,810 $25,5B0 Date Date May 2 001 3 002 14 003 15 004 18 005 19 006 22 007 23 008 25 009 26 010 May 1 15

Explanation / Answer

Cash balance as per bank statement 10467 Add: Deposit in transit 8220 18687 Less: Outstanding cheques 4480 Reconcile balance as per bank statement 14207 Cash balance as per book 15610 Less: NSF Check 1340 NSF fees 26 Bank service charges 37 1403 Reconciled balance as per book 14207

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