60.1K

Verified Solution

Link Copied!

Bill Jovi is reviewing the cash accounting for Whispering, Inc, a local mailing service. Jovi's review will focus on the petty cash accoun and the bank reconcliation for the month ended May 31,2025. He has collected the following information from Whispering's bookkeeper for this task Petty Cash 1. The petty cash fund was established on May 10,2025 , in the amount of $277.50. 2. Expenditures from the fund by the custodian as of May 31, 2025, were evidenced by approved receipts for the following. On May 31, 2025, the petty cash fund was replenished and increased to $333.00; currency and coin in the fund at that time totaled $29.30. cash) at May 31. 2025, is $273.06. Prepare a bank reconciliation dated May 31, 2025, proceeding to a correct cash balance, and prepare the journal entries necessary to make the books correct and complete. (Enter answers to 2 decimal places, eg. 125.62. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do Correct Cash Balance No. Account Titles and Explanation 1. Cash Notes Receivable Interest Revenue (To record the collection of the note) 2. Debit Credit (To record the collection of the note) (To record bank service charges)

Answer & Explanation Solved by verified expert

See Answer