60.1K

Verified Solution

Link Copied!

+ MO7. Assignment - Fraud, Internal Control and Cash -/30 Question 2 of 2 Wildhorse Co. of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers On May 31, 2022, the company's Cash account per its general ledger showed a balance of $6838.90 The bank statement from Emporia State Bank on that date showed the following balance. EMPORIA STATE BANK Checks and Debits Deposits and Credits xxx Daily Balance 5-31 7068.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1 2 3. 4 The statement included a debit meno of $60.00 for the printing of additional company checks. Cash sales of $903.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were Incorrectly made for $953.15. The bank credited Wildhorse Co. for the correct amount Outstanding checks at May 31 totaled 527625, and deposits in transit were $1.900.15 On May 10, the company issued check No. 1181 for $685.Co to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Wildhorse Co for $658.00 $2.810.00 was collected from a customer note receivable by the bank for Wildhorse Co on May 31 through electronic funds transfer Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $340,00 that was incorrectly charged to Wildhorse Co, by the bank On May 31, the bank statement showed as NSF charge of $480.00 for a check issued by Sara Ballard, a customer to Wildhorse Co on account 5 0 7. Prepare the bank reconciliation at May 31, 2022. the items that increase balance as perbank & boots fest. Round answers to 2 od 275 M07 - Assignment - Fraud, Internal Control and Cash Question 2 of 2 -/30 Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first Round answers to 2 decimal places, es 5.275.50) WILDHORSE CO. Bank Reconciliation $ $ MO7 - Assignment - Fraud, Internal Control, and Cash Question 2 of 2

Answer & Explanation Solved by verified expert

See Answer