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|ACCOUNTING
ACC 2001 al 2017
Chapter 4 Homework
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Questions 8 - 9 (of 12)
E
[The following information applies to the questions displayed below.)
The cash records and bank statement for the month of May for Diaz Entertainment are shown below.
DIAZ ENTERTAINMENT
Cash Account Records
May 1, 2018, to May 31, 2018
Cash Balance
May 1, 2018
Deposits
Cash Balance
May 31, 2018
Checks
$5,460
$11,140
$11,140
$5,460
Deposits
Checks
Date
Desc.
Amount
Date
No.
Desc.
Amount
5/3
Sales
471
5/10
5/17
5/24
5/31
$ 1,280
1,710
2.340
2,810
3,000
5/7
5/12
5/15
Sales
Sales
Sales
473
Legal fees
Property tax
Salaries
Advertising
Supplies
Salaries
$ 1,120
1.490
3.420
1.320
370
3,420
5/30
5/31
475
476
$11,140
$11.140
P.O. Box 162647
Bowlegs, OK 74830
MAA
MIDWEST BANK
Looking Out For You
Member FDIC
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PO Box 162647
Bowlegs, OK 74830
(405) 369-CASH
MIDWEST BANK
Looking Out For You
Member FDIC
Account Holder.
Account Number:
Dlaz Entertainment
124 Saddle Blvd.
Bowlegs, OK 74830
7772854360
Statement Date:
May 31, 2018
Beginning Balance
Deposits and Credits
Withdrawals
and Debits
Ending Balance
May 1, 2018
No.
Total
No.
Total
May 31, 2018
7
$ 6,080
Deposits and Credits
$ 9,194
9 $ 8,642
Withdrawals and Debits
$ 6,632
Dally Balance
Date
Amount
Desc.
Date
No.
Amount
Desc.
Date
Amount
469
470
471
5/4
5/11
5/18
5/20
5/20
5/25
5/31
$ 1,280
1,710
2,340
1,000
42
2,810
12
DEP
DEP
DEP
NOTE
INT
DEP
INT
5/1
5/2
5/9
5/11
5/12
5/18
5/20
5/25
5/31
472
$ 370
250
1,120
220
1,490
3,420
420
1,320
32
CHK
CHK
CHK
NSF
CHK
CHK
EFT
CHK
SF
473
5/1
5/2
5/4
5/9
5/11
5/12
5/18
5/20
5/25
5/31
$ 5,710
5,460
6,740
5,620
7110
5,620
4,540
5,162
6,652
$ 6,632
474
$ 9,194
$8,642
Desc. DEP Customer deposit
NOTE Note collected
EFT Electronic funds transfer
INT Interest earned
CHK Customer check
SF Service fees
NSF Nonsufficient funds
Additional information:
a. The difference in the beginning balances in the company's records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2018 (prior
month).
b. The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account.
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Desc. DEP Customer deposit
NOTE Note collected
EFT Electronic funds transfer
INT Interest earned
CHK Customer check
SF Service fees
NSF Nonsufficient funds
Additional information:
a. The difference in the beginning balances in the company's records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2018 (prior
month).
b. The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account.
value:
4.16 points
Required information
Required:
1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2018. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same
account together when entering in the bank reconciliation.)
DIAZ ENTERTAINMENT
Bank Reconciliation
Bank's Cash Balance
May 31, 2018
Company's Cash Balance
6,632 Per general ledger
$
(620) Note collected
Per bank statement
$
5,460
1,000
Checks outstanding
Deposits outstanding
Bank error
3.000
Interest earned
54
(420)
NSF check
(220)
Service fees
(32)
Bank error
420
$
Bank balance per reconciliation
8,592 Company balance per reconciliation
$
6,682
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value:
4.16 points
Required information
2. Record the necessary cash adjustments. (If no entry is required for a transactionſevent, select "No journal entry required in the first account field. Total entries
the same account together when entering in the journal entry carousel.)
View transaction list
Journal entry worksheet
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1
2
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Record the amounts that increase cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Record entry
Clear entry
View general journal
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