Required informationPA5-2 (Algo) Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4, LO 5-5][The following information applies to the questions displayed below.)The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bankstatement 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 $17,900. No deposits were in transit atthe end of April, but a deposit was in transit at the end of May.BANK STATEMENTDeposits$ 7,000Balance, May 11May 2May 5May 7May BMay 14May 17May 22May 27May 31Balance, May 31May 1May 1May 7May 29May 31DebitBalanceBalance in Cash AccountBalance#301#302#303#304Checks$ 10,0005,600480Cash (A)17,9007,0009,0005,6004,40017,92010,0005,6004804,4001,1009,000Interest earnedNSP checkService chargeCreditOther#301 May 2#302 May 4#303 May 11#304 May 23#305 May 29$ 11026070Balance$ 17,90024,90014,9009,30018,30017,82017,93017,67013,27013,20013,200PA5-2 (Algo) Part 33. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?

Required information PA5-2 (Algo) Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4, LO 5-5] [The following information applies to the questions displayed below.] The 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 $17,900. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Deposits $ 7,000 Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 #304 Checks $ 10,000 5,600 480 Cash (A) 17,900 7,000 9,000 5,600 4,400 17,920 10,000 5,600 480 4,400 1,100 9,000 Interest earned NSF check Other Service charge Credit #301 May 2 #302 May 4 #303 May 11 #304 May 23 #305 May 29 $ 110 260 70 Balance $ 17,900 24,900 14,900 9,300 18,300 17,820 17,930 17,670 13,270 13,200 13,200

Required information PA5-2 (Algo) Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4, LO 5-5] [The following information applies to the questions displayed below.] The 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 $17,900. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Deposits $ 7,000 Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 #304 Checks $ 10,000 5,600 480 Cash (A) 17,900 7,000 9,000 5,600 4,400 17,920 10,000 5,600 480 4,400 1,100 9,000 Interest earned NSF check Other Service charge Credit #301 May 2 #302 May 4 #303 May 11 #304 May 23 #305 May 29 $ 110 260 70 Balance $ 17,900 24,900 14,900 9,300 18,300 17,820 17,930 17,670 13,270 13,200 13,200

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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