The cash records and bank statement for the month of May for Diaz Entertainment are shown below.
Question:
Additional information:
a. The difference in the beginning balances in the companys 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.
Required:
1. Prepare a bank reconciliation for Diazs checking account on May 31, 2015.
2. Record the necessary cashadjustments.
Transcribed Image Text:
DIAZ ENTERTAINMENT Cash Account Records May 1, 2015, to May 31, 2015 Cash Balance May 1, 2015 $5,280 Cash Balance Deposits $12,040 Checks May 31, 2015 $12,220 $5,100 Date 5/3 5/10 Desc. Sales Sales Sales Sales Sales Amount Date Desc. Amount $1,460 1,890 2,520 2,990 3,180 $1,300 1,670 3,600 1,500 550 3,600 $12,220 471 472 Legal fees 5/24 5/31 5/22 5/30 5/31 474 475 476 Advertising Salaries $12,040 Р.О. Box 162647 Bowlegs, OK 74830 (405) 369-CASH Account Holder: Diaz Entertainment Member FDIC Midwest Bank Looking Out For You Account Number: 7772854360 124 Saddle Blvd. Bowlegs, OK 74830 Statement Date May 31, 2015 Beginning Balance May 1, 2015 $6,260 Deposits and Credits Withdrawals and Debits Ending Balance May 31, 2015 $6,210 Daily Balance No Tota Total $10,050 $10,100 Deposits and Credits Withdrawals and Debits Date Amount Desc 5/4 $1,460 DEP 1,890 DEP 518 2,520 DEP Date No. Amount Desc 5/1 469 550 CHK 5/2 470 5/9 471 1,300 CHK $5,710 5,280 6,740 5,440 6,930 5,260 4,180 4,740 430 CHK 5/2 5/9 5/12 5/20 5/20 1,100 NOTE 60 INT 5/25 2,990 DEP 30 INT 5/12 472 5/18 473 5/20 5/25 474 5/31 400 NSF 1,670 CHK 3,600 CHK 600 EFT 1,500 CHK 5/31 5/20 5/25 5/31 $10,050 S10,100 $6,210 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest eared SF Service fees CHK Customer check NSF Nonsufficient funds
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (16 reviews)
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Question Posted:
Students also viewed these Cost Accounting questions
-
The cash records and bank statement for the month of July for Glover Incorporated are shown below. Additional information: a. The difference in the beginning balances in the companys records and the...
-
The cash records and bank statement for the month of July for Jim Incorporated are shown below. Additional information: a. The difference in the beginning balances in the companys records and the...
-
The cash records and bank statement for the month of July for Glover Incorporated are shown below. Additional information: a. The difference in the beginning balances in the company's records and the...
-
Burger Prince buys top-grade ground beef for $1.00 per pound. A large sign over the entrance guarantees that the meat is fresh daily. Any leftover meat is sold to the local high school cafeteria for...
-
Compare cleaning a dormitory room with cleaning the atmosphere of a city. Which is a public good and which is a private good? Why?
-
Native Americans boiled water by adding very hot stones to a leak-tight water vessel. What minimum number of \(1.0 \mathrm{~kg}\) stones at \(550^{\circ} \mathrm{C}\) must be added to a vessel...
-
(a) A rectangular loop of wire is \(\ell=800 \mathrm{~mm}\) long and \(w=500 \mathrm{~mm}\) wide. You bend the \(\ell\) sides into a semicircle while keeping the \(w\) sides straight, as shown in...
-
Varto Company has 7,000 units of its sole product in inventory that it produced last year at a cost of $22 each. This years model is superior to last years and the 7,000 units cannot be sold at last...
-
calculate both intrinsic value and time value for the options that you have picked. ANZ GROUP HOLDINGS LIMITED ANZ LAST PRICE / TODAY'S CHANGE $25.280+$0.350 (1.403 %) Industry Group: Banks VOLUME...
-
Arbortech, a designer, manufacturer, and marketer of PC cards for computers, printers, telecommunications equipment, and equipment diagnostic systems, was the darling of Wall Street during Year 6....
-
Oscars Red Carpet Store maintains a checking account with Academy Bank. Oscars sells carpet each day but makes bank deposits only once per week. The following provides information from the companys...
-
Below is a summary of all transactions of Pixar Toy Manufacturing for the month of August 2015. Cash Transactions Cash collections from: Customers ..................... $ 93,500 Sale of unused...
-
Refer to the financial statements and related disclosure notes of Dell Inc. located in the company's financial statements and related disclosure notes in Appendix B located at the back of the text....
-
Your cousin is always bragging about how high his model rockets go, so you go shopping. None of the brands specify altitude, but you do find three models in your price range with comparable technical...
-
A classmate leaves a message on your voice mail betting that you cannot throw a stone high enough so it lands on the roof of a 20 -m-high building. As you stare out of your window pondering whether...
-
A man steps outside one winter day to go to work. His icy driveway is \(8.0 \mathrm{~m}\) long from top to mailbox, and it slopes downward at \(20^{\circ}\) from the horizontal. He sets his briefcase...
-
You are touring a distant planet on which the magnitude of the free-fall acceleration is \(65.0 \%\) of what it is on Earth. For a little excitement, you jump off a precipice \(500 \mathrm{~m}\)...
-
Two children at a playground slide from rest down slides that are of equal height but are inclined at different angles with respect to the horizontal (Figure P3.66). Ignoring friction, at height...
-
Toe dancing (as in ballet) is much harder on toes than normal dancing or walking. Explain in terms of pressure.
-
What mass of H2 will be produced when 122 g of Zn are reacted? Zn(s) + 2HCl(aq) ( ZnCl2(aq) + H2(g)
-
Caterpillar Tractor has long been one of Americas major exporters. The company sells its construction equipment, mining equipment, and engines to some 200 countries worldwide. As a leading exporter,...
-
Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how a company decides which...
-
Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how a company decides which...
-
Mandall Company constructed a warehouse for $280,000. Mandall estimates that the warehouse has a useful life of 20 years and no residual value. Construction records indicate that $40,000 of the cost...
-
Give a context-free grammar that generates the language A = {a i b j c k | i = j or j = k where i, j, k 0}. Is your grammar ambiguous? Why or why not? (if yes, please draw the parse trees.)
-
A project has an initial cost of $55,000, expected net cash inflows of $10,000 per year for 7 years, and a cost of capital of 9%. What is the project's MIRR?
-
Calculate the peak voltage ( in Volts ) of a generator that rotates its 2 0 0 - turn, 0 . 1 0 0 m diameter coil at 3 . 9 x 1 0 3 rpm in a 0 . 6 T field. You should round your answer to the nearest...
Study smarter with the SolutionInn App