4. (6 points) Bank Reconciliation Foreman Corp. prepares monthly bank reconciliations of its checking account...
60.1K
Verified Solution
Link Copied!
Question
Accounting
4. (6 points) Bank Reconciliation Foreman Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for May 2019, indicated the following: Bank balance, May 31, 2019 Service charge for May Interest earned during May NSF check from Valerie Corp. (deposited by Foreman) Note ($3,000) and interest ($296) collected for Foreman from a customer of Foreman's $16,117 37 30 100 3,296 Book balance per Foreman's books (unadjusted) Outstanding checks as of May 31 Deposit in transit at May 31 Error in recording check # 4456 issued by Foreman (book error). Foreman needs to subtract this amount from their books. $11,555 4,315 2,852 90 The correct amount of check #4456 is $760. It was recorded as a cash disbursement of $670 by mistake. The check was issued to pay for merchandise purchases. The check appeared on the bank statement correctly. A. Prepare a bank reconciliation schedule at May 31, 2019, in proper form
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
