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Elodia [21]
3 years ago
11

Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of $1,230, included in the general

ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check for $110 and a service fee of $80. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,780. The bank statement shows a balance of $7,840 on May 31. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.)

Business
1 answer:
vfiekz [6]3 years ago
4 0

Answer:

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.

The preparation of the  bank reconciliation statement on May 31  is presented in the spreadsheet. Kindly find the attachment below:

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3 years ago
Employers are least likely to help pay for at least a portion of which of the following employment benefits?
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Where are the following benefits?
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3 years ago
Suppose charles owns a​ lawn-mowing company. assume that without​ workers, no yards are mowed. when he hires one​ worker, he is
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2 years ago
Suppose the incomes of buyers in a market for a particular normal good decrease and there is also a reduction in input prices. W
kirill [66]

Answer:

an indeterminate effect on equilibrium quantity and a fall in equilibrium price.

Explanation:

A normal good is a good whose demand increases when income increases and falls when income falls.

If income falls and the good is a normal good, demand would fall. This would lead to a fall in price and quantity.

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I hope my answer helps you

5 0
3 years ago
Read 2 more answers
Winterbourne is considering a takeover of Monkton Inc. Winterbourne has 18 million shares outstanding, which sell for $56 each.
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Answer:

Price of per share to be paid by Winterbourne to Monkton shareholders  =$ 33 M

Explanation:

Before merger the netwoth  = No.of shares * Price

= 13M * $ 28

= $ 364 M

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= [ $ 364 M + $ 65 M ] / 13 M

= $ 33 M /

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2 years ago
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