The cash records and bank statement for the month of May for Copperfield Entertainment are shown...
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The cash records and bank statement for the month of May for Copperfield Entertainment are shown below. Cash Cash Balance May 1, 2024 Receipts $5,380 + $11,540 Cash Receipts COPPERFIELD ENTERTAINMENT Cash Account Records May 1, 2024, to May 31, 2024 Cash Disbursements $11,620 Cash Disbursements Memo Cash Balance May 31, 2024 $5,300 Date Description Amount Date Description Amount 5/3 Sales $1,360 5/7 DC Legal fees $1,200 5/10 Sales 1,790 5/12 DC Property tax 1,570 5/17 Sales 2,420 5/15 DC Salaries 3,500 5/24 5/31 Sales Sales 2,890 5/22 3,080 5/30 5/31 DC Advertising 1,400 CHK number 471 CHK number 472 Supplies 450 Salaries $11,540 3,500 $11,620 P.O. Box 162647 Bowlegs, OK 74830 (405) 369-CASH Account Holder: Midwest Bank Looking Out For You Copperfield Entertainment 124 Saddle Blvd, Bowlegs, OK 74830 Account Number: Statement Date: Account Summary Beginning Balance May 1, 2024 $6,160 Deposits and Credits Deposits and Credits Number 7 Withdrawals and Debits Total $9,530 Number 9 Total $9,290 Member FDIC 7772854360 May 31, 2024 Ending Balance May 31, 2024 $6,400 Account Details Withdrawals and Debits Daily Balance Date Amount Description Date Number Amount Description Date Amount 5/4 $1,360 DEP 5/1 469 $450 CHK 5/1 $5,710 5/11 1,790 DEP 5/2 470 330 CHK 5/2 5,380 5/18 2,420 DEP 5/7 1,200 DC 5/4 6,740 5/20 1,000 NOTE 5/11 300 NSF 5/9 5,540 5/20 50 INT 5/12 1,570 DC 5/11 7,030 5/25 5/31 2,890 DEP 5/15 3,500 DC 5/12 5,460 20 INT 5/20 500 EFT 5/18 4,380 5/22 1,400 DC 5/20 4,930 5/31 40 SF 5/25 6,420 $9,530 $9,290 5/31 $6,400 Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to checks number 469 and number 470, which are outstanding as of April 30, 2024 (prior month). b. The bank made the EFT on May 20 in error. The bank accidentally charged Copperfield for payment that should have been made on another account. Required: 1. Prepare a bank reconciliation for Copperfield's checking account on May 31, 2024. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for Copperfield's checking account on May 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) COPPERFIELD ENTERTAINMENT Bank Reconciliation Bank's Cash Balance Per bank statement May 31, 2021 Company's Cash Balance Per general ledger Bank balance per reconciliation Company balance per reconciliation Journal entry worksheet > A B Record the amounts that increase cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet A B Record the amounts that decrease cash. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal The cash records and bank statement for the month of May for Copperfield Entertainment are shown below. Cash Cash Balance May 1, 2024 Receipts $5,380 + $11,540 Cash Receipts COPPERFIELD ENTERTAINMENT Cash Account Records May 1, 2024, to May 31, 2024 Cash Disbursements $11,620 Cash Disbursements Memo Cash Balance May 31, 2024 $5,300 Date Description Amount Date Description Amount 5/3 Sales $1,360 5/7 DC Legal fees $1,200 5/10 Sales 1,790 5/12 DC Property tax 1,570 5/17 Sales 2,420 5/15 DC Salaries 3,500 5/24 5/31 Sales Sales 2,890 5/22 3,080 5/30 5/31 DC Advertising 1,400 CHK number 471 CHK number 472 Supplies 450 Salaries $11,540 3,500 $11,620 P.O. Box 162647 Bowlegs, OK 74830 (405) 369-CASH Account Holder: Midwest Bank Looking Out For You Copperfield Entertainment 124 Saddle Blvd, Bowlegs, OK 74830 Account Number: Statement Date: Account Summary Beginning Balance May 1, 2024 $6,160 Deposits and Credits Deposits and Credits Number 7 Withdrawals and Debits Total $9,530 Number 9 Total $9,290 Member FDIC 7772854360 May 31, 2024 Ending Balance May 31, 2024 $6,400 Account Details Withdrawals and Debits Daily Balance Date Amount Description Date Number Amount Description Date Amount 5/4 $1,360 DEP 5/1 469 $450 CHK 5/1 $5,710 5/11 1,790 DEP 5/2 470 330 CHK 5/2 5,380 5/18 2,420 DEP 5/7 1,200 DC 5/4 6,740 5/20 1,000 NOTE 5/11 300 NSF 5/9 5,540 5/20 50 INT 5/12 1,570 DC 5/11 7,030 5/25 5/31 2,890 DEP 5/15 3,500 DC 5/12 5,460 20 INT 5/20 500 EFT 5/18 4,380 5/22 1,400 DC 5/20 4,930 5/31 40 SF 5/25 6,420 $9,530 $9,290 5/31 $6,400 Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to checks number 469 and number 470, which are outstanding as of April 30, 2024 (prior month). b. The bank made the EFT on May 20 in error. The bank accidentally charged Copperfield for payment that should have been made on another account. Required: 1. Prepare a bank reconciliation for Copperfield's checking account on May 31, 2024. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for Copperfield's checking account on May 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) COPPERFIELD ENTERTAINMENT Bank Reconciliation Bank's Cash Balance Per bank statement May 31, 2021 Company's Cash Balance Per general ledger Bank balance per reconciliation Company balance per reconciliation Journal entry worksheet > A B Record the amounts that increase cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet A B Record the amounts that decrease cash. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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