7LO 5-4,5-5PA5-2 Preparing a Bank Reconciliation and Journal Entries and Reporting Cash IndoconThe bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31.The May 31 bank statement and the May T-account for cash (summarized) are below.Martin Company's bank reconciliation at the end of April showed a cash balance of $18,800.No deposits were in transit at the end of April, but a deposit was in transit at the end of May.Balance, May 1May 2May 5May 7hope24 odr2000.May 8May 14 000 #303 com 500May 17May 22May 27May 31Balance, May 31May 1May 1May 7May 29May 31Its sdCheckswapures are used by Com# 301 $11,000with#302 6,000BalanceBANK STATEMENT#304 4,600 themreduced.Balance18,800(4-7), identify 8,00010,0006,000Deposits$8,000000.000 61Cash (A)department.10,000ment.handling all Interest19,400OthercompNSF checkccounting depService charge$1202806010991 el doriwDned noRequired: Instaviup ras bus des to coms Istot juriw bns noBalance$18,80026,80015,8009,80019,80011,000 rol principle # 301 May 2uced for #302 May 46,00016500# 303 May 114,600 gibt# 304 May 231,300#305 May 29olmoitsilioynsamos odi isd) esiino lomu s val Entries and Reporting Cashstags ashins lamuoj nousuronoos oli 191LA19atit 621 Egmos19,30019,42019,14014,54014,48014,480ish on now andberlupost1. Prepare a bank reconciliation for May.2. Prepare any journal entries required as a result of the bank reconciliation. Why are theynecessary?3. After the reconciliation journal entries are posted, what balance will be reflected in the Cashaccount in the ledger?arbrom4. If the company also has $50 of petty cash on hand, which is recorded in a different accountcalled Petty Cash on Hand, what total amount of Cash and Cash Equivalents should bereported on the balance sheet at the end of May?fees102,2-201

pose teenstih sto babyer of downed no da quq lo 0082 ani bals o bill Required: Unslaviups fas3 bas deed to moms Istol juriw bna no dau't bailes. Prosle goneind-18 admoos od obenogor 1. Prepare a bank reconciliation for May. 2. Prepare any journal entries required as a result of the bank reconciliation. Why are they necessary? tom 101 bul dans u 3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? te

pose teenstih sto babyer of downed no da quq lo 0082 ani bals o bill Required: Unslaviups fas3 bas deed to moms Istol juriw bna no dau't bailes. Prosle goneind-18 admoos od obenogor 1. Prepare a bank reconciliation for May. 2. Prepare any journal entries required as a result of the bank reconciliation. Why are they necessary? tom 101 bul dans u 3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? te

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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M5-12 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 4 2 $ 2s 12 4 115 $ 65 NSF check $260 300 120 $65 28 5 30 46 May 31 8 35 30 85 315 260 70 Service charge 20 225 May 1 May 3 Cash (A) 260 65 25 85 115 35 30 40 May 3 2 May 4 3 May 4 May 11 5 May 21 6 May 29 7 May 30 8 May 29 May 30 May 31 260 180 70 365 Bank Reconciliation May 31 Bank Statement Company's Books Ending Balance per Bank Statement Additions: 365 Ending Balance per Cash Account Additions: Deposit in Transit EFT Payment 365 Deductions: Deductions: Up-to-Date Cash Balance 365 Up-to-Date Cash Balance
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Probiem 9.4A (Static) Preparing a pank reconciliation statement ana journaiizing entries to aajust the cash balance. LO 9-5, 9-6 On August 31, 20X1, the balance in the checkbook and the Cash account of the Sonoma Creek Bed and Breakfast was $13,031. The balance shown on the bank statement on the same date was $13,997. Notes a. The firm's records indicate that a $1,600 deposit dated August 30 and a $601 deposit dated August 31 do not appear on the bank statement. b. A service charge of $28 and a debit memorandum of $230 covering an NSF check have not yet been entered in the firm's records. (The check was issued by Andy Stein, a credit customer.) c. The following checks were issued but have not yet been paid by the bank: $120 $130 $250 $577 $ 78 $120 Check 712, Check 713, Check 716, Check 736, Check 739, Check 741, d. A credit memorandum shows that the bank collected a $2,095 note receivable and interest of $55 for the firm. These amounts have not yet been entered in the firm's records.…
QUESTION 9 Assume thst the Polty Casdwor of a $400 potty cash fund has $40 in canh phs So0 in recopts at the end of then monh The entry to replereh mburse) the petty cns fund wi wude O A dobt to Cash for $00 O A crede to Cash for S00 O Ac to Cash for S40 O Adebit lo Cash kor $340
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What is the journal entry to replenish the petty cash fund if expenses were Auto Expenses $75, Office Expenses $25, Postage $11. and cash on hand is $389. The Petty Cash fund started with $500. Edit View Insert Format Tools Table |BIUAv eu Ti v|: 12pt v Paragraph v hp 16 fa 19 ho 144 IOI 4 00
CHAPTER : BANK RECONCILIATION
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