The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May $31.$ The May $31$ bank statement and the May T$-$account for cash $($summarized$)$ are below.

Martin Company$$s bank reconciliation at the end of April showed a cash balance of $$22,800.$ No deposits were in transit at the end of April, but a deposit was in transit at the end of May.

BANK STATEMENT

Checks Deposits Other Balance

Balance, May $1$ $ $22,800$

May $2$ $ $9,00031,800$

May $5$ #$301$ $ $12,00019,800$

May $7$ #$3027,80012,000$

May $811,00023,000$

May $14$ #$30359022,410$

May $17$ Interest earned $ $21022,620$

May $22$ NSF check $37022,250$

May $27$ #$3045,50016,750$

May $31$ Service charge $10516,645$

Balance, May $3116,645$

Cash $($A$)$

Debit Credit

May $1$ Balance $22,800$

May $19,00012,000$ #$301$ May $2$

May $711,0007,800$ #$302$ May $4$

May $297,800590$ #$303$ May $11$

$5,500$ #$304$ May $23$

$2,200$ #$305$ May $29$

May $31$ Balance $22,510$

After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?

Answer rating: 100% (QA)

Lets go through the bank reconciliation process step by step for Martin Company as of May 31 and the... View the full answer