I need to create a bank reconciliation for Diaz's checking account on May 31, 2021 **Bank Statement Overview for Educational Purposes**### Account Summary- **Location:** 124 Saddle Blvd, Bowlegs, OK 74830- **Statement Date:** May 31, 2021| Beginning Balance (May 1, 2021) | Deposits and Credits | Withdrawals and Debits | Ending Balance (May 31, 2021) || --- | --- | --- | --- || $6,130 | NO. 7 | $9,504 | NO. 9 | $9,047 | $6,587 |### Account Details#### Deposits and Credits| Date | Amount | Description || --- | --- | --- || 5/4 | $1,330 | DEP || 5/11 | 1,760 | DEP || 5/18 | 2,390 | DEP || 5/20 | 1,100 | NOTE || 5/20 | 47 | INT || 5/25 | 2,860 | DEP || 5/31 | 17 | INT || **Total** | **$9,504** | |#### Withdrawals and Debits| Date | No. | Amount | Description || --- | --- | --- | --- || 5/1 | 469 | $420 | CHK || 5/2 | 470 | 300 | CHK || 5/9 | 471 | 1,170 | CHK || 5/11 | 472 | 1,540 | CHK || 5/18 | 473 | 3,470 | CHK || 5/20 | 470 | EFT || 5/25 | 474 | 1,370 | CHK || 5/31 | | 37 | SF || **Total** | **$9,047** | |#### Daily Balance| Date | Amount ||--- |--- || 5/1 | $5,710 || 5/2 | 5,410 || 5/4 # Diaz Entertainment Cash Records and Bank Statement for MayBelow are the cash records and bank statement of Diaz Entertainment for the month of May.## Cash Account Records**Period:** May 1, 2021, to May 31, 2021- **Beginning Cash Balance (May 1, 2021):** $5,410- **Cash Receipts:** $11,390- **Cash Disbursements:** $11,440- **Ending Cash Balance (May 31, 2021):** $5,360### Details#### Cash Receipts- **5/3 - Sales:** $1,330- **5/10 - Sales:** $1,760- **5/17 - Sales:** $2,390- **5/24 - Sales:** $2,860- **5/31 - Sales:** $3,050**Total Cash Receipts:** $11,390#### Cash Disbursements- **5/7 - Legal Fees (Check 471):** $1,170- **5/12 - Property Tax (Check 472):** $1,540- **5/15 - Salaries (Check 473):** $3,470- **5/22 - Advertising (Check 474):** $1,370- **5/30 - Supplies (Check 475):** $420- **5/31 - Salaries (Check 476):** $3,470**Total Cash Disbursements:** $11,440---## Bank Statement**Bank:** Midwest Bank **Statement Date:** May 31, 2021- **Account Number:** 7772854360- **Account Holder:** Diaz Entertainment, 124 Saddle Blvd, Bowlegs, OK 74830### Account Summary- **Beginning Balance (May 1, 2021):** $6,130- **Deposits and Credits (7 transactions):** $9,504- **Withdrawals and Debits (9 transactions):** $9,047- **Ending Balance (May 31, 2021):** $6,587### Account Details#### Deposits and Credits- **5/4 - $1,330 DEP** - **5/11 - $1,760 DEP**- **5/

Bank reconciliation is a process in which balance as per bank and as per book is matched by…

Bowlegs, OK 74830 Statement Date: May 31, 2021 Account Summary Withdrawals and Debits Beginning Balance Маy 1, 2021 $6,130 Deposits and Credits NO. Ending Balance May 31, 2021 $6,587 Total NO. Total 7 $9,504 9. $9,047 Account Details Deposits and Credits Amount Withdrawals and Debits Amount 420 Daily Balance Desc. Desc. Date 5/4 5/11 5/18 5/20 5/20 5/25 5/31 Date 5/1 5/2 5/9 5/11 5/12 5/18 5/20 5/25 5/31 No. Date 5/1 5/2 5/4 5/9 5/11 5/12 5/18 5/20 5/25 Amount $ 1,330 1,760 2,390 1,100 47 $5,710 5,410 6,740 5,570 7,060 5,520 4,440 5,117 6,607 DEP 469 470 471 CHK 2$ 300 DEP CHK 1,170 270 1,540 3,470 470 DEP NOTE CHK NSF 472 473 CHK CHK EFT CHK INT DEP 2,860 17 INT 474 1,370 37 SF $ 9,504 $9,047 5/31 $6,587 DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds Desc. 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.

Bowlegs, OK 74830 Statement Date: May 31, 2021 Account Summary Withdrawals and Debits Beginning Balance Маy 1, 2021 $6,130 Deposits and Credits NO. Ending Balance May 31, 2021 $6,587 Total NO. Total 7 $9,504 9. $9,047 Account Details Deposits and Credits Amount Withdrawals and Debits Amount 420 Daily Balance Desc. Desc. Date 5/4 5/11 5/18 5/20 5/20 5/25 5/31 Date 5/1 5/2 5/9 5/11 5/12 5/18 5/20 5/25 5/31 No. Date 5/1 5/2 5/4 5/9 5/11 5/12 5/18 5/20 5/25 Amount $ 1,330 1,760 2,390 1,100 47 $5,710 5,410 6,740 5,570 7,060 5,520 4,440 5,117 6,607 DEP 469 470 471 CHK 2$ 300 DEP CHK 1,170 270 1,540 3,470 470 DEP NOTE CHK NSF 472 473 CHK CHK EFT CHK INT DEP 2,860 17 INT 474 1,370 37 SF $ 9,504 $9,047 5/31 $6,587 DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds Desc. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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