[The following information applies to the questions displayed below.]
The cash records...
Business, 24.04.2020 22:48 slavenkaitlynn
[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, 2015, to May 31, 2015
Cash Balance
May 1, 2015 + Deposits – Checks = Cash Balance
May 31, 2015
$5,370 $11,590 $11,680 $5,280
Deposits Checks
Date Desc. Amount Date No. Desc. Amount
5/3 Sales $ 1,370 5/7 471 Legal fees $ 1,210
5/10 Sales 1,800 5/12 472 Property tax 1,580
5/17 Sales 2,430 5/15 473 Salaries 3,510
5/24 Sales 2,900 5/22 474 Advertising 1,410
5/31 Sales 3,090 5/30 475 Supplies 460
5/31 476 Salaries 3,510
$11,590 $11,680
P. O. Box 162647
Bowlegs, OK 74830
(405) 369-CASH MIDWEST BANK
Looking Out For You Member FDIC
Account Holder: Diaz Entertainment
124 Saddle Blvd.
Bowlegs, OK 74830 Account Number:
Statement Date: 7772854360
May 31, 2015
Beginning Balance Deposits and Credits Withdrawals
and Debits Ending Balance
May 1, 2015 No. Total No. Total May 31, 2015
$ 6,170 7 $ 9,672 9 $ 9,371 $ 6,471
Deposits and Credits Withdrawals and Debits Daily Balance
Date Amount Desc. Date No. Amount Desc. Date Amount
5/4 $ 1,370 DEP 5/1 469 $ 460 CHK 5/1 $ 5,710
5/11 1,800 DEP 5/2 470 340 CHK 5/2 5,370
5/18 2,430 DEP 5/9 471 1,210 CHK 5/4 6,740
5/20 1,100 NOTE 5/11 310 NSF 5/9 5,530
5/20 51 INT 5/12 472 1,580 CHK 5/11 7,020
5/25 2,900 DEP 5/18 473 3,510 CHK 5/12 5,440
5/31 21 INT 5/20 510 EFT 5/18 4,360
5/25 474 1,410 CHK 5/20 5,001
5/31 41 SF 5/25 6,491
5/31 $ 6,471
$ 9,672 $9,371
Desc. DEP Customer deposit INT Interest earned SF Service fees
NOTE Note collected CHK Customer check NSF Nonsufficient funds
EFT Electronic funds transfer
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, 2015.
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.
1.
Required:
1.
Prepare a bank reconciliation for Diaz's checking account on May 31, 2015. (Total entries to the same account together when entering in the bank reconciliation and journal entry carousel.)
rev: 10_28_2014_QC_57681
check my workebook & resources
2.
2.
Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answers: 3
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