The Cash account of Safe and Secure Security Systems reported a balance of \($2,490\) at May 31, 2011. There were outstanding checks totaling \($500\) and a May 31 deposit in transit of \($300\). The bank statement, which came from Tri Cities Bank, listed the May 31 balance of \($3,360\). Included in the bank balance was a collection of \($680\) on account from Ryan Saar, a Safe and Secure customer who pays the bank directly. The bank statement also shows a \($20\) service charge and \($10\) of interest revenue that Safe and Secure earned on its bank balance.
Requirement
1. Prepare Safe and Secure’s bank reconciliation at May 31.