Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the cash account for brentwood bike co. at may 1,

The cash account for Brentwood Bike Co. at May 1, indicated a balance of $34.250...

80.2K

Verified Solution

Question

Accounting

image
image
The cash account for Brentwood Bike Co. at May 1, indicated a balance of $34.250 During May, the total cash deposited was $140,300, and checks wrtten totaled $138,880. The bank statement indicated a balance of $43,525 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: A. Checks outstanding totaled $6,440 B. A deposit of $1,850 representing receipts of May 31, had been made too late to appear on the bank statement C. The bank had collected for Brentwood Bike Co $5.250 on a note left for collection. The face of the note was $5,000 D. A check for $390 returned with the statement had been incorrectly charged by the bank as $930 E. A check for $210 returned with the statement had been recorded by Brentwood Bike Co. as $120. The check was for the payment of an obligation to Adkins Co. on account F Bank service charges for May amounted to $30 A check for $1.325 from Jenninas Co. was returned bv the bank due to insufficient

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students