Refer to the data presented in E7-8 and E7-9. On May 31, Frobisher Limited had an unadjusted cash balance of $10,218 in the general ledger. The bank statement showed a balance of $12,756 on May 31.
In E7-8
On April 30, the bank reconciliation of Frobisher Limited shows a deposit in transit of $2,874. A list of cash deposits recorded by the bank and the company in the month of May follows:
Instructions
(a) Prepare the bank reconciliation on May 31.
(b) Prepare any adjusting journal entries required from the reconciliation. Assume that the EFT collection from a customer on May 25 shown in E7-8 has not yet been recorded.
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