Bank Statement MARTIN COMPANY Bank Reconciliation At May 31 Company's Books
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1PB
Related questions
Question
![The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and
the May T-account for cash showed the transactions listed below.
Martin Company's bank reconciliation at the end of April showed a cash balance of $19,600. No deposits were in transit at the end of
April, but a deposit was in transit at the end of May.
Balance, May 1
May 2
May 5
May 7
May 8
May 14
May 17-Interest Earned
May 22-NSF cheque
May 29
May 31-Service charges
Balance, May 31
May 1
May 1
May 7
May 29
Balance
May 31 Balance
Deductions:
View transaction list
+ Cash (A) -
19,600
8,800
Bank Statement
Ending balance per bank statement
Additions:
10,000
4,800
Required:
1. Prepare a bank reconciliation for May.
18,440
Date
May 17
Journal entry worksheet
< A B C
Record entry
C)
Note: Enter debits before credits.
11,800
5,600
580
5,400
1,380
$
General Journal
Withdrawals Deposits Other Balance
$19,600
$ 8,800
Clear entry
301 $11,800
# 302 5,600
# 303
# 304
580
0
5,400
May 02
May 04
May 11
May 30
May 29
a) Record the interest earned on May 17.
b) Record the entry for NSF cheque noted on May 22.
Record the bank service charges incurred on May 31.
10,000
MARTIN COMPANY
Bank Reconciliation
At May 31
Up-to-date cash balance
0 Up-to-date cash balance
2. Prepare any journal entries required as a result of the bank reconciliation. (If no entry is required for a transaction/event,
select "No journal entry required" in the first account field.)
#301
#302
#303
#304
#305
Deductions:
Debit
$ 128
360
68
Company's Books
Ending balance per Cash account
Additions:
Credit
28,400
16,600
11,000
21,000
20,420
20,548
View general journal
20,188
14,788
14,720
14,720
$
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F55c2b396-408a-4ae8-9472-1073d181e598%2F69facbb7-32e3-4398-9a40-fd2f60a78735%2Fe9xz0zd_processed.png&w=3840&q=75)
Transcribed Image Text:The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and
the May T-account for cash showed the transactions listed below.
Martin Company's bank reconciliation at the end of April showed a cash balance of $19,600. No deposits were in transit at the end of
April, but a deposit was in transit at the end of May.
Balance, May 1
May 2
May 5
May 7
May 8
May 14
May 17-Interest Earned
May 22-NSF cheque
May 29
May 31-Service charges
Balance, May 31
May 1
May 1
May 7
May 29
Balance
May 31 Balance
Deductions:
View transaction list
+ Cash (A) -
19,600
8,800
Bank Statement
Ending balance per bank statement
Additions:
10,000
4,800
Required:
1. Prepare a bank reconciliation for May.
18,440
Date
May 17
Journal entry worksheet
< A B C
Record entry
C)
Note: Enter debits before credits.
11,800
5,600
580
5,400
1,380
$
General Journal
Withdrawals Deposits Other Balance
$19,600
$ 8,800
Clear entry
301 $11,800
# 302 5,600
# 303
# 304
580
0
5,400
May 02
May 04
May 11
May 30
May 29
a) Record the interest earned on May 17.
b) Record the entry for NSF cheque noted on May 22.
Record the bank service charges incurred on May 31.
10,000
MARTIN COMPANY
Bank Reconciliation
At May 31
Up-to-date cash balance
0 Up-to-date cash balance
2. Prepare any journal entries required as a result of the bank reconciliation. (If no entry is required for a transaction/event,
select "No journal entry required" in the first account field.)
#301
#302
#303
#304
#305
Deductions:
Debit
$ 128
360
68
Company's Books
Ending balance per Cash account
Additions:
Credit
28,400
16,600
11,000
21,000
20,420
20,548
View general journal
20,188
14,788
14,720
14,720
$
0
0
0
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![Excel Applications for Accounting Principles](https://www.bartleby.com/isbn_cover_images/9781111581565/9781111581565_smallCoverImage.gif)
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning