Required information [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 $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Balance, May 1 Deposits May 2 $ 9,000 May 5 #301 May 7 #302 $ 12,000 7,200 May 8 11,000 May 14 #303 560 May 17 May 22 May 27 #304 5,200 May 31 Balance, May 31 Other Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 Interest earned NSF check $ 180 21,920 340 21,580 16,380 Service charge 90 16,290 16,290 Cash (A) Debit Credit May 1 Balance 21,500 May 1 9,000 12,000 May 7 11,000 7,200 #301 May 2 #302 May 4 May 29 7,200 560 # 303 May 11 5,200 1,900 #304 May 23 #305 May 29 May 31 Balance 21,840 4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Total Amount of Cash and Cash Equivalents
Required information [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 $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Balance, May 1 Deposits May 2 $ 9,000 May 5 #301 May 7 #302 $ 12,000 7,200 May 8 11,000 May 14 #303 560 May 17 May 22 May 27 #304 5,200 May 31 Balance, May 31 Other Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 Interest earned NSF check $ 180 21,920 340 21,580 16,380 Service charge 90 16,290 16,290 Cash (A) Debit Credit May 1 Balance 21,500 May 1 9,000 12,000 May 7 11,000 7,200 #301 May 2 #302 May 4 May 29 7,200 560 # 303 May 11 5,200 1,900 #304 May 23 #305 May 29 May 31 Balance 21,840 4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Total Amount of Cash and Cash Equivalents
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
sk soulution
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education