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 Daniels for payment that should have been made on another account.

Required:
1. Prepare a bank reconciliation for Daniels's checking account on May 31, 2024.
2. Record the necessary cash adjustments.

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 

Transcribed Image Text:

The cash records and bank statement for the month of May for Daniels Entertainment are shown below. Cash Balance May 1, 2024 Cash Receipts $5,310 + $11.890 Date 5/3 5/10 5/17 5/24 5/31 P.O. Box 162647 Bowlegs, OK 74830 (405) 369-CASH Account Holder: Date 5/4 5/11 5/18 5/20 Cash Receipts. 5/20 5/25 5/31 Beginning Balance May 1, 2024 $6,230 Description Amount. Date Sales $1,430 5/7 5/12 Sales Sales Sales Sales $9,924 Deposits and Credits Amount $1,430 1,860 2,490 1,100 57 2,960 27 < Per bank statement Required 1 Required 2 A $11,890 1,860 2,490 5/15 2,960 5/22 3,150 5/30 5/31 Daniels Entertainment 124 Saddle Blvd, Bowlegs, OK 74830 Description DEP DEP DEP NOTE INT DEP INT B Transaction. 1 Bank balance per reconciliation DANIELS ENTERTAINMENT Cash Account Records May 1, 2024, to May 31, 2024 Bank's Cash Balance Record entry Journal entry worksheet O Cash Disbursements $12,040 Note: Enter debits before credits. Deposits and Credits Number Record the amounts that increase cash. Description DC DC DC DC CHK number 471 CHK number 472 O Cash Disbursements Date 5/1 5/2 5/7 5/11 5/12 5/15 5/20 5/22 5/31 Midwest Bank Looking Out For You Required: 1. Prepare a bank reconciliation for Daniels's checking account on May 31, 2024. 2. Record the necessary cash adjustments. General Journal Clear entry Complete this question by entering your answers in the tabs below. Account Summary Total Memo Legal fees Property tax Salaries Advertising Supplies Salaries $9,924 Account Details Number 469 470 DANIELS ENTERTAINMENT Bank Reconciliation May 31, 2021 Account Number: Statement Date: Withdrawals and Debits Number 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 Daniels for payment that should have been made on another account. Withdrawals and Debits Total $9,857 Per general ledger Amount $520 400 CHK CHK DC NSF 1,640 DC 3,570 DC 570 EFT 1,470 47 $9,857 1,270 370 Prepare a bank reconciliation for Daniels'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.) Debit Description Company's Cash Balance Company balance per reconciliation DC SF Credit Cash Balance May 31, 2024 $5,160 Amount $1,270 1,640 3,570 1,470 520 3,570 $12,040 View general journal > Member FDIC 7772854360 May 31, 2024 Ending Balance May 31, 2024 $6,297 Daily Balance Date 5/1 5/2 5/4 5/9 5/11 5/12 5/18 5/20 5/25 5/31 Amount $5,710 5,310 6,740 5,470 6,960 5,320 4,240 4,827 6,317 $6,297 The cash records and bank statement for the month of May for Daniels Entertainment are shown below. Cash Balance May 1, 2024 Cash Receipts $5,310 + $11.890 Date 5/3 5/10 5/17 5/24 5/31 P.O. Box 162647 Bowlegs, OK 74830 (405) 369-CASH Account Holder: Date 5/4 5/11 5/18 5/20 Cash Receipts. 5/20 5/25 5/31 Beginning Balance May 1, 2024 $6,230 Description Amount. Date Sales $1,430 5/7 5/12 Sales Sales Sales Sales $9,924 Deposits and Credits Amount $1,430 1,860 2,490 1,100 57 2,960 27 < Per bank statement Required 1 Required 2 A $11,890 1,860 2,490 5/15 2,960 5/22 3,150 5/30 5/31 Daniels Entertainment 124 Saddle Blvd, Bowlegs, OK 74830 Description DEP DEP DEP NOTE INT DEP INT B Transaction. 1 Bank balance per reconciliation DANIELS ENTERTAINMENT Cash Account Records May 1, 2024, to May 31, 2024 Bank's Cash Balance Record entry Journal entry worksheet O Cash Disbursements $12,040 Note: Enter debits before credits. Deposits and Credits Number Record the amounts that increase cash. Description DC DC DC DC CHK number 471 CHK number 472 O Cash Disbursements Date 5/1 5/2 5/7 5/11 5/12 5/15 5/20 5/22 5/31 Midwest Bank Looking Out For You Required: 1. Prepare a bank reconciliation for Daniels's checking account on May 31, 2024. 2. Record the necessary cash adjustments. General Journal Clear entry Complete this question by entering your answers in the tabs below. Account Summary Total Memo Legal fees Property tax Salaries Advertising Supplies Salaries $9,924 Account Details Number 469 470 DANIELS ENTERTAINMENT Bank Reconciliation May 31, 2021 Account Number: Statement Date: Withdrawals and Debits Number 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 Daniels for payment that should have been made on another account. Withdrawals and Debits Total $9,857 Per general ledger Amount $520 400 CHK CHK DC NSF 1,640 DC 3,570 DC 570 EFT 1,470 47 $9,857 1,270 370 Prepare a bank reconciliation for Daniels'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.) Debit Description Company's Cash Balance Company balance per reconciliation DC SF Credit Cash Balance May 31, 2024 $5,160 Amount $1,270 1,640 3,570 1,470 520 3,570 $12,040 View general journal > Member FDIC 7772854360 May 31, 2024 Ending Balance May 31, 2024 $6,297 Daily Balance Date 5/1 5/2 5/4 5/9 5/11 5/12 5/18 5/20 5/25 5/31 Amount $5,710 5,310 6,740 5,470 6,960 5,320 4,240 4,827 6,317 $6,297