Bank Reconciliation. Dick Marshall has just received the monthly bank statement at May 31 from City National Bank. The statement shows an ending balance of $5,500.00. Listed on the statement is EFT rent collection of $800.00, service charge of $24.00, NFS checks for $148.00 and $18.00 charge for printed checks. In reviewing his cash records, he identified outstanding checks totaling $934.00and April deposit in transit of $3,576.00. During May he recorded a $653.00 check for the salary of a part time employee by debiting Salary expense and crediting cash for $131.00. The cash account shows a May balance of $8,054.00. Required: Prepare the Bank Reconciliation at May 31. Make the necessary journal entries that Marshall should record on May 31.
- Bank Reconciliation.
Dick Marshall has just received the monthly bank statement at May 31 from City National Bank. The statement shows an ending balance of $5,500.00. Listed on the statement is EFT rent collection of $800.00, service charge of $24.00, NFS checks for $148.00 and $18.00 charge for printed checks. In reviewing his cash records, he identified outstanding checks totaling $934.00and April deposit in transit of $3,576.00. During May he recorded a $653.00 check for the salary of a part time employee by debiting Salary expense and crediting cash for $131.00. The cash account shows a May balance of $8,054.00.
Required:
Prepare the Bank Reconciliation at May 31.
Make the necessary
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