CAN SOMEONE HELP ME SET UP THE DEBIT AND CREDIT? Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of $7,402.00.The bank statement from Emporia State Bank on that date showed the following balance.EMPORIA STATE BANK CHECKS AND DEBITS DEPOSITS AND CREDITS DAILY BALANCEXXXXXX XXXXX 5-31 $ 8,403.20A 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 $30 for the printing of additional company checks. 2. Cash sales of $993.48 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $1,043.48. The bank credited Timmins Company for the correct amount. 3. Outstanding checks at May 31 totaled $941.35, and deposits in transit were $2,013.15. 4. On May 18, the company issued check No. 1181 for $663 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $636. 5. $3,000 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $460 that was incorrectly charged to Timmins Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $360 for a check issued by Sara Ballard, a customer, to Timmins Company on account. DateAccount Titles and ExplanationDebitCreditMay 31(To record receipt of electronic funds transfer)May 31(To record NSF check)May 31(To correct error in deposit check)May 31(To correct error in recording check)May 31(To record bank service charge)

Name: CAN SOMEONE HELP ME SET UP THE DEBIT AND CREDIT? Timmins Company of Em
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Description: CAN SOMEONE HELP ME SET UP THE DEBIT AND CREDIT? Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of $7,402.00.

Solution: Bank Reconciliation May 31, 2020 Cash balance per bank statement 8,403.20…

Answered: Timmins Company of Emporia, Kansas,…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5DQ

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CAN SOMEONE HELP ME SET UP THE DEBIT AND CREDIT?

Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of $7,402.00.
The bank statement from Emporia State Bank on that date showed the following balance.

EMPORIA STATE BANK

CHECKS AND DEBITS DEPOSITS AND CREDITS DAILY BALANCE

XXXXXX XXXXX 5-31 $ 8,403.20

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 $30 for the printing of additional company checks.
2.		Cash sales of $993.48 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $1,043.48. The bank credited Timmins Company for the correct amount.
3.		Outstanding checks at May 31 totaled $941.35, and deposits in transit were $2,013.15.
4.		On May 18, the company issued check No. 1181 for $663 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $636.
5.		$3,000 was collected by the bank for Timmins Company on May 31 through electronic funds transfer.
6.		Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $460 that was incorrectly charged to Timmins Company by the bank.
7.		On May 31, the bank statement showed an NSF charge of $360 for a check issued by Sara Ballard, a customer, to Timmins Company on account.

Date
Account Titles and Explanation
Debit
Credit
May 31
(To record receipt of electronic funds transfer)
May 31
(To record NSF check)
May 31
(To correct error in deposit check)
May 31
(To correct error in recording check)
May 31
(To record bank service charge)

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