80.2K

Verified Solution

Link Copied!

That is a 5 part question. I have answered these. There maybe relevant information.

And the question I'm stuck on is:

I hope all the numbers are understandable.

The bookkeeper for Wildhorse Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Wildhorse's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following: Your answer is correct. Review Wildhorse's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) Deposit in transit of May 31 Attempts: 1 of 15 used Review Wildhorse's cheque summary and determine the amount of any cheques that have not yet cleared the company's bank account. These will be outstanding cheques. (Hint: It can be useful to check off or cross out the cheques that appear on both the bank statement and the cheque summary because these will not be outstanding cheques.) Your answer is correct. Review Wildhorse's bank statement and identify any items on it that are not included in either the company's cash receipts summary or cheque summary. Your answer is correct. Determine the cash balance per books prior to the reconciliation. (Hint: This would be equal to: Balance in the cash account at the beginning of the month + Deposits made during the month - Cheques issued during the month.) Cash balance per books $ Prepare Wildhorse's bank reconciliation at May 31. (Uist items that increase balance as pern bark \& books first.)

Answer & Explanation Solved by verified expert

See Answer