Part 2 Question 5 (12 marks) The following information was available for Quick Supply Company...
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Part 2 Question 5 (12 marks) The following information was available for Quick Supply Company for the month ended May 31, 2020: a) On May 31, 2020 the Cash account of Quick Supply Company had a balance of $33,850. b) On May 31, 2020 the bank statement indicated a balance of $52,580. c) The bank reported the collection of a note receivable for Quick Supply of $7,300 including $500 interest It was observed that the bank statement did not include a deposit of $4,700 made by Quick Supply on d) May 31 and that cheques totalling S14,840 issued by Quick Supply had not cleared the bank. e) Quick Supply recorded an insurance expense payment of $160 as $1,600 f) Service charges of $150 were charged for cheque printing. I Required a) Prepare a bank reconciliation for the Quick Supply Company as of May 31, 2020 (6 marks) b) Prepare in proper form, the journal entries required for Quick Supply Company at May 31, 2020. (6 marks)
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