90.2K

Verified Solution

Link Copied!

I really need this question asap. thank you very much guys.

The following is a listing of all of the transactions in Sunlyte Corporation's Cash ledger for the month of September: Sunlyte Corp. Cash Ledger Description Debit Credit Balance Sept 1 Open Balance 925,20 Sept 1 Chq #0006 221.60 703.60 Sept 1 Chq #0007 221.60 482.00 Scpt Chq #0008 221.60 260.40 Sept 1 Chq #0009 221.601 38.80 Sept 14 Deposit 427.40 466.20 Sept 30Deposit 50.60 516.80 Sunlyte downloaded the following information from its bank on the morning of Oct 1. Bank Statement Account 100-1040 Account Name: Sunlyte Corp. Date Description Sept 1 Open Balance Sept 1 Chg #0008 Sept 9 Chq #0009 Balanc Debit Credit 925.20 221.00 704.20 221.60 482.60 427.4 0 910.00 221.60 688.40 400.80 287.60 Sep 15 Deposit Sept Is Chq #0007 Sept 16 Returned Item Sept 30 Interest 3.00 290.60 275.6 0 Sept 30 Service Charge 15.00 At September 30, Sunlyte's Income Statement showed Net Income as $500. All of Sunlyte's customers are long-time repeat customers and they have little concern about being able to collect from customers. A. How much cash did Sunlyte actually have on hand at Sept 302 B. Reconcile the bank account and Cash GL at Sept 30? C. What is the revised Net Income based on the information based on the Rank Reconciliation (show

Answer & Explanation Solved by verified expert

See Answer