Peterson company's general ledger shows a cash balance of $7,440 on may 31.
1) may cash receipts of $1,200, included in the general ledger balance, are placed in the night depository at the bank on may 31 and processed by the bank on june 1.
2) the bank statement dated may 31 shows an nsf check for $110 and a service fee of $70.
3) the bank processes all checks written by the company by may 31 and lists them on the bank statement, except for one check totaling $1,760.
4) the bank statement shows a balance of $7,820 on may 31.
prepare a bank re-conciliation to calculate the correct ending balance of cash on may 31. (amounts to be deducted should be indicated with a minus sign.)

                                                                      Amount in $

Balance per bank                                                7,820.00  

cash receipt                                                        1,200.00  

NSF Check                                                           110.00  

Service charge                                                    70.00  

Unpresented check                                       - 1,760.00

Balance per cash account                               7,440.00   

Balance per cash account                               7,440.00  

Adjusting entries  

NSF Check                                                         - 110.00

Service fee                                                         - 70.00

Adjusted cash balance                                        7,260.00  

Explanation:

The NSF check and service fee are the only transactions yet to be adjusted for in the cash account balance as at 31 May. These are the only transactions to be considered in arriving at the cash account balance.

Other transactions such as unrecorded check and cash receipts have been reflected in the cash account.

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hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"