The cash records and bank statement for the month of May for Diaz Entertainment are shown below.
Question:
The cash records and bank statement for the month of May for Diaz Entertainment are shown below.
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, 2021 (prior month).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 Diaz?s checking account on May 31, 2021.2. Record the necessary cash adjustments.
Transcribed Image Text:
DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Cash Cash Balance May 1, 2021 Recelpts Disbursements May 31, 2021 $5,280 $12,040 $12,220 $5,100 Cash Receipts Cash Disbursements Desc. Date Amount Date Check# Desc. Amount $ 1,460 $ 1,300 Legal fees Property tax 5/3 Sales 5/7 471 5/10 Sales 1,890 5/12 472 1,670 5/17 Sales 2,520 5/15 473 Salarles 3,600 5/24 1,500 Sales 2,990 5/22 474 Advertising 5/31 Sales 3,180 5/30 475 Supples 550 3,600 5/31 476 Salarles $12,040 $12,220 P.O. Box 162647 Midwest Bank Member FDIC Bowlegs, OK 74830 (405) 369-CASH Looking Out For You Account Holder: Diaz Entertainment Account Number: 7772854360O 124 Saddle Blvd. Bowlegs, OK 74830 Statement Date: May 31, 2021 Account Summary Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance May 1, 2021 $6,260 No. Total No. Total May 31, 2021 $10,050 $10,100 $6,210 Account Details Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount $ 550 Desc. Date Amount $1,460 DEP 1,890 DEP 2,520 DEP 1,100 NOTE 469 $5,710 5,280 6,740 5,440 6,930 5,260 4,180 5/4 5/1 CHK 5/1 5/11 5/2 470 430 CHK 5/2 5/18 5/9 471 1,300 400 1,670 3,600 CHK 5/4 5/20 5/11 NSF 5/9 5/11 5/20 60 INT 5/12 472 CHK 5/25 2,990 DEP 5/18 473 CHK 5/12 5/31 30 INT 5/20 600 EFT 5/18 5/25 1,500 5/20 5/25 474 CHK 4,740 6,230 5/31 50 SF $10,050 $10,100 5/31 $6,210 Desc. DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer
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ISBN: 978-1259914898
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Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
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