Using the following information, prepare a bank reconciliation for Cullumber Company for May 31, 2022. a. The bank statement balance is $9,100. b. The cash account balance is $6,830. c. Outstanding checks totaled $2,460. d. Deposits in transit are $600. e. The bank service charge is $10. f. Collection of note by the bank, $420.

          Bank reconciliation for Cullumber Company for May 31, 2022

                                                        Amount in $             Amount in $

Balance per bank statement                                              9,100

Less:

Outstanding checks                            2,460

collection of note by bank                     420    

Subtotal                                                                             (2,880)                      

Add:

Deposit in transit                                    600

Bank service charge                                 10      

Subtotal                                                                                   610            

Balance per cash  book                                                      6,830        

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement.

This is usually as a result of transactions known as reconciling items. These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

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lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o