M5-12 (Algo) Preparing a Bank Reconciliation [LO 5-4] Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Date Checks Deposits Other Balance May 1 $ 380 May 4 #2 $ 55 $ 95 420 May 12 #4 145 NSF check $ 95 180 May 28 #5 65 115 May 30 #6 60 380 435 May 31 #8 100 Service charge 50 285 Cash (A) Debit Credit May 1 380 May 3 95 55 May 3 #2 115 May 4 #3 145 May 8 #4 65 May 11 #5 60 May 21 #6 May 29 380 70 May 29 #7 May 30 240 100 May 30 #8 May 31 485
M5-12 (Algo) Preparing a Bank Reconciliation [LO 5-4] Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Date Checks Deposits Other Balance May 1 $ 380 May 4 #2 $ 55 $ 95 420 May 12 #4 145 NSF check $ 95 180 May 28 #5 65 115 May 30 #6 60 380 435 May 31 #8 100 Service charge 50 285 Cash (A) Debit Credit May 1 380 May 3 95 55 May 3 #2 115 May 4 #3 145 May 8 #4 65 May 11 #5 60 May 21 #6 May 29 380 70 May 29 #7 May 30 240 100 May 30 #8 May 31 485
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
M5-12 (Algo) Preparing a Bank Reconciliation [LO 5-4]
Use the following bank statement and T-account to prepare the May 31 bank reconciliation.
BANK STATEMENT | ||||||
Date | Checks | Deposits | Other | Balance | ||
---|---|---|---|---|---|---|
May 1 | $ 380 | |||||
May 4 | #2 | $ 55 | $ 95 | 420 | ||
May 12 | #4 | 145 | NSF check | $ 95 | 180 | |
May 28 | #5 | 65 | 115 | |||
May 30 | #6 | 60 | 380 | 435 | ||
May 31 | #8 | 100 | Service charge | 50 | 285 |
Cash (A) | |||
---|---|---|---|
Debit | Credit | ||
May 1 | 380 | ||
May 3 | 95 | 55 | May 3 #2 |
115 | May 4 #3 | ||
145 | May 8 #4 | ||
65 | May 11 #5 | ||
60 | May 21 #6 | ||
May 29 | 380 | 70 | May 29 #7 |
May 30 | 240 | 100 | May 30 #8 |
May 31 | 485 |
![M5-12 (Algo) Preparing a Bank Reconciliation (LO 5-4)
Use the following bank statement and T-account to prepare the May 31 bank reconciliation.
BANK STATEMENT
Deposits
Date
Checks
Other
Balance
May 1
May 4
May 12
May 28
May 30
May 31
$ 380
#2
$ 55
$ 95
420
# 4
145
NSF check
$ 95
180
#5
65
115
#6
60
380
435
#8
100
Service charge
50
285
Cash (A)
Debit
Credit
May 1
May 3
380
May 3 #2
May 4 #3
May 8 #4
May 11 #5
May 21 #6
May 29 #7
May 30 #8
95
55
115
145
65
60
May 29
May 30
May 31
380
70
240
100
485
Bank Reconciliation
May 31
Bank Statement
Company's Books
Ending Balance per Bank Statement
Ending Balance per Cash Account
Additions:
Additions:
Deductions:
Deductions:
Up-to-Date Cash Balance
Up-to-Date Cash Balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1799000-33ab-4b28-9bb2-f03cfa8defbf%2F9619c85f-7d1e-4b4c-95ee-fcc87ecf048d%2Fla3djyn_processed.png&w=3840&q=75)
Transcribed Image Text:M5-12 (Algo) Preparing a Bank Reconciliation (LO 5-4)
Use the following bank statement and T-account to prepare the May 31 bank reconciliation.
BANK STATEMENT
Deposits
Date
Checks
Other
Balance
May 1
May 4
May 12
May 28
May 30
May 31
$ 380
#2
$ 55
$ 95
420
# 4
145
NSF check
$ 95
180
#5
65
115
#6
60
380
435
#8
100
Service charge
50
285
Cash (A)
Debit
Credit
May 1
May 3
380
May 3 #2
May 4 #3
May 8 #4
May 11 #5
May 21 #6
May 29 #7
May 30 #8
95
55
115
145
65
60
May 29
May 30
May 31
380
70
240
100
485
Bank Reconciliation
May 31
Bank Statement
Company's Books
Ending Balance per Bank Statement
Ending Balance per Cash Account
Additions:
Additions:
Deductions:
Deductions:
Up-to-Date Cash Balance
Up-to-Date Cash Balance
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