Record the amounts that decrease cash. The cash records and bank statement for the month of May for Copperfield Entertainment are shown below.

COPPERFIELD ENTERTAINMENT

Cash Account Records

May $1,2024,$ to May $31,2024$

Cash Balance May $1,2024+$ Cash Receipts $$ Cash Disbursements $=$ Cash Balance May $31,2024$

$$5,380$ $$11,540$ $$11,620$ $$5,300$

Cash Receipts Cash Disbursements

Date Description Amount Date Description Memo Amount

$5/3$ Sales $$1,3605/7$ DC Legal fees $$1,200$

$5/10$ Sales $1,7905/12$ DC Property tax $1,570$

$5/17$ Sales $2,4205/15$ DC Salaries $3,500$

$5/24$ Sales $2,8905/22$ DC Advertising $1,400$

$5/31$ Sales $3,0805/30$ CHK number $471$ Supplies $450$

$5/31$ CHK number $472$ Salaries $3,500$

$$11,540$ $$11,620$

P$.$O$.$ Box $162647$ Bowlegs, OK $74830$

$(405)369-$CASH Midwest Bank

Looking Out For You Member FDIC

Account Holder: Copperfield Entertainment

$124$ Saddle Blvd$,$

Bowlegs, OK $74830$ Account Number: $7772854360$

Statement Date: May $31,2024$

Account Summary

Beginning Balance

May $1,2024$ Deposits and Credits Withdrawals and Debits Ending Balance

May $31,2024$

Number Total Number Total

$$6,1607$ $$9,5309$ $$9,290$ $$6,400$

Account Details

Deposits and Credits Withdrawals and Debits Daily Balance

Date Amount Description Date Number Amount Description Date Amount

$5/4$ $$1,360$ DEP $5/1469$ $$450$ CHK $5/1$ $$5,710$

$5/111,790$ DEP $5/2470330$ CHK $5/25,380$

$5/182,420$ DEP $5/71,200$ DC $5/46,740$

$5/201,000$ NOTE $5/11300$ NSF $5/95,540$

$5/2050$ INT $5/121,570$ DC $5/117,030$

$5/252,890$ DEP $5/153,500$ DC $5/125,460$

$5/3120$ INT $5/20500$ EFT $5/184,380$

$5/221,400$ DC $5/204,930$

$5/3140$ SF $5/256,420$

$$9,530$ $$9,2905/31$ $$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:

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$).$

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.

Record the amounts that decrease cash. in a journal entry