The following is a listing of all of the transactions in Sunlyte Corporation's Cash ledger...
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The following is a listing of all of the transactions in Sunlyte Corporation's Cash ledger for the month of September: Debit Credit Balance 925.20 221.60 703.60 Sunlyte Corp. Cash Ledger Description Sept 1 Open Balance Sept 1 Chq #0006 Sept 1 Chq #0007 Sept 1 Chq #0008 Sept 1 Chq # 0009 Sept 14 Deposit Sept 30 Deposit 221.60 482.00 221.60 260.40 221.60 38.80 427.40 50.60 466.20 516.80 Sunlyte downloaded the following information from its bank on the morning of Oct 1. Bank Statement Account 100-1040 Account Name: Sunlyte Corp. Date Description Debit Credit Balance Sept 1 Open Balance 925.20 Sept 1 Chq # 0008 221.00 704.20 Sept 9 Chq #0009 221.60 482.60 Sept 15 Deposit 427.40 910.00 Sept 15 Chq #0007 221.60 688.40 Sept 16 Returned Item 400.80 287.60 Interest 3.00 290.60 Sept 30 Service Charge 15.00 275.60 Sept 30 At September 30, Sunlyte's Income Statement showed Net Income as $500. All of Sunlyte's customers are long-time repeat customers and they have little concern about being able to collect from customers. A. How much cash did Sunlyte actually have on hand at Sept 30? B. Reconcile the bank account and Cash GL at Sept 30? C. What is the revised Net Income based on the information based on the Bank Reconciliation (show your work)
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