Bank reconciliation

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timer Asked: Oct 25th, 2017

Question Description

Preparing a bank reconciliation for a checking account. And a general journal following for cash increase or a decrease in cash

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History Bookmarks Window Help ezto.mheducation.com connect |ACCOUNTING ACC 2001 al 2017 Chapter 4 Homework < 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 App Store 25 HALD L MacBook Air tory Bookmarks Window Help 81% Wed 5:39 PM Q ezto.mheducation.com 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. App Store OCT 25 es C. ))) H MacBook Air 30 f3 OOD DOD FA -~- IL F5 F6 F7 F8 안 F9 F10 712 # $ % i & + Bookmarks Window Help E 81% Wed 5:39 PM Q = ezto.mheducation.com G 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 References eBook & Resources App Store OCD 6 / 19 @ @ llo 25 ... MacBook Air G F11 F12 F10 000 F8 F9 FIO Bo F3 F7 F6 F5 DOO F4 1 $ 4 % 5 & 7 + 11 * 00 9 0 6 1 о Р Bookmarks Window Help 8194 Wed 5:39 PM ezto.mheducation.com 0 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 < 1 2 > Record the amounts that increase cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal App Store 25 2 llo . MacBook Air 80 OOD Opa Il F3 F5 F6 F8 F7
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