P7-5A – Zimmerman Company -Bank reconciliation statement & Journal entries 2023 Business Finance
2023 P7 5A Zimmerman Company Bank reconciliation statement Journal entries Zimmerman Company of Shawnee Kansas spreads
P7-5A – Zimmerman Company -Bank reconciliation statement & Journal entries
Zimmerman Company of Shawnee, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2014, the company’s Cash account per its general ledger showed a balance of $6,930.90.
The bank statement from Shawnee State Bank on that date showed the following balance.
|
SHAWNEE STATE BANK |
||||
|
Checks and Debits |
Deposits and Credits |
Daily Balance |
||
|
XXX |
XXX |
5-31 7,160.00 |
||
A comparison of the details on the bank statement with the details in the Cash account revealed the following facts.
|
1. |
The statement included a debit memo of $63.00 for the printing of additional company checks. |
|
|
2. |
Cash sales of $906.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $956.15. The bank credited Zimmerman Company for the correct amount. |
|
|
3. |
Outstanding checks at May 31 totaled $294.25, and deposits in transit were $1,903.15. |
|
|
4. |
On May 18, the company issued check No. 1181 for $683 to M. Hartley, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Zimmerman Company for $638. |
|
|
5. |
A $2,792.00 note receivable was collected by the bank for Zimmerman Company on May 31 plus $133.00 interest. The bank charged a collection fee of $20.00. No interest has been accrued on the note. |
|
|
6. |
Included with the canceled checks was a check issued by Zinderberg Company to P. Conard for $337.00 that was incorrectly charged to Zimmerman Company by the bank. |
|
|
7. |
On May 31, the bank statement showed an NSF charge of $572.00 for a check issued by Bev Sullivan, a customer, to Zimmerman Company on account. |
We give our students 100% satisfaction for their assignment, which is one of the most important reasons students prefer us from other helpers. Our professional group and planners have more than ten years of rich experience. The only reason that our inception days, we have helped more than 100000 students with their assignments successfully. Our expert’s group have more than 2200 professionals of different topics, and that not all; we get more than 300 jobs every day more than 90% of the assignment get the conversion for payment.
Place Order Now