The following information was available for Romney Supply Company for the month ended May 31, 2015 (2) On May 31, 2015 the Cash account of Romney Supply Company had a balance of $35,850. (b) On May 31, 2015 the bank statement indicated a balance of $54,580 (c) The bank reported the collection of a note receivable for Romney of $7,300 including $500 interest. (d) It was observed that the bank statement did not include a deposit of $4,700 made by Romney on May 31 and that cheques totalling $14,930 issued by Romney had not cleared the bank. (e) Romney recorded an insurance expense payment of $150 as $1,500. (0) Service charges of $150 were charged for cheque printing Required: Prepare the bank reconciliation at May 31, 2015

The following information was available for Romney Supply Company for the month ended May 31, 2015 (2) On May 31, 2015 the Cash account of Romney Supply Company had a balance of $35,850. (b) On May 31, 2015 the bank statement indicated a balance of $54,580 (c) The bank reported the collection of a note receivable for Romney of $7,300 including $500 interest. (d) It was observed that the bank statement did not include a deposit of $4,700 made by Romney on May 31 and that cheques totalling $14,930 issued by Romney had not cleared the bank. (e) Romney recorded an insurance expense payment of $150 as $1,500. (0) Service charges of $150 were charged for cheque printing Required: Prepare the bank reconciliation at May 31, 2015

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 19E

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