The cash account for Santiago Co. on May 31 indicated a balance of $20,915. The Maybank statement indicated an ending balance of $25,645. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
(a) Prepare a bank reconciliation as of May 31.
(b) Journalize the necessary entries.
(c) If a balance sheet were prepared for Santiago Co. on May 31, what amount should be reported for cash?

Question

The cash account for Santiago Co. on May 31 indicated a balance of $20,915. The Maybank statement indicated an ending balance of $25,645. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:  ​
(a) Prepare a bank reconciliation as of May 31.
(b) Journalize the necessary entries.
(c) If a balance sheet were prepared for Santiago Co. on May 31, what amount should be reported for cash?

Quizplus · Accepted Answer

The Answer of The cash account for Santiago Co. on May 31 indicated a balance of $20,915. The Maybank statement indicated an ending balance of $25,645. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:  ​
(a) Prepare a bank reconciliation as of May 31.
(b) Journalize the necessary entries.
(c) If a balance sheet were prepared for Santiago Co. on May 31, what amount should be reported for cash?

The Cash Account for Santiago Co