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Category > Accounting Posted 18 Aug 2017 My Price 15.00

Diaz Entertainment

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	Ac€?o	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:

The difference in the beginning balances in the companyAc€?cs records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2015.

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.

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.)

DIAZ ENTERTAINMENT
Bank Reconciliation
May 31, 2015
Bank's Cash Balance		Company's Cash Balance
Per bank statement		Per general ledger
Deposits outstanding		NSF check
Checks outstanding		Interest earned
Bank error		Note collected
		Service fees

Bank balance per reconciliation		Company balance per reconciliation

Answers

Maurice Tutor

(5)

Status NEW Posted 18 Aug 2017 03:08 PM My Price 15.00

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