Prepare Wheeler Limited's May bank reconciliation and prepare any necessary journal entries to adjust Wheeler Limited's cash account balance per general ledger.
Understand the Problem
The question asks for the preparation of Wheeler Limited's May bank reconciliation and any necessary journal entries to adjust their cash account balance per the general ledger.
Answer
Reconcile Wheeler Limited's bank statement and prepare journal entries to adjust cash balances.
The final answer is to prepare and adjust the bank reconciliation and journal entries based on the discrepancies between Wheeler Limited's book and bank balances.
Answer for screen readers
The final answer is to prepare and adjust the bank reconciliation and journal entries based on the discrepancies between Wheeler Limited's book and bank balances.
More Information
Bank reconciliation ensures accuracy by matching company bank records with statements, identifying discrepancies like outstanding cheques or deposits in transit.
Tips
Common mistakes include failing to account for outstanding cheques or deposits in transit, ignoring bank fees, and forgetting to correct errors noted during reconciliation.
