Required Information The following information applies to the questions displayed below) The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Cash Balance Balance May 1, Cash Cash May 31, 2021_+Receipts Disbursements 2821 $5,280 $12,040 $12,220 $5,100 Cash Receipts Cash Disbursements Date Desc Amount Date Check# Desc. Amount 5/3 Sales $ 1,460 5/7 471 Legal fees $ 1,300 5/10 Sales 1,890 5/12 Property 472 1,678 tax 5/17 Sales 2,520 5/15 473 Salaries 3,600 5/24 Sales 2,990 5/22 474 Advertising 1,500 5/31 Sales 3,180 5/30 475 Supplies 550 5/31 476 Salaries 3,600 $12,040 $12,220 P.0. Box 162647 Midwest Bank Member FDIC Bowlegs, OK 74830 Looking Out For You (405) 369-CASH Account Holder: Diaz Entertainment Account Number: 7772854360 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: May 31, 2021 Account Summary Beginning Withdrawals and Ending Balance Deposits and Credits Debits Balance May 1, 2021 NO. Total NO. Total May 31, 2021 $6,260 7 $10,050 9 $10,100 $6,210 Account Details Deposits and Credits Withdrawals and Debits Daily Balance bate Amount Desc Date Amount Desc. Date Amount 5/4 $ 1,460 DEP 5/1 469 5 550 CHK 5/1 $5,710 5/11 1,890 DEP 5/2 470 430 CHK 5/2 5,280 5/18 2,520 DEP 5/9 471 1,300 CHK 574 6,740 5/28 1,100 NOTE 5/11 400 NSF 5/9 5/20 5,440 60 INT 5/12 472 1,670 CHK 5/25 2,990 DEP 6,938 5/18 473 3,600 CHK 5/12 5/31 30 INT 5,260 5/20 600 EFT 5/18 4,189 5/25 474 1,500 CHK 5/20 4,740 5/31 50 SF 5/25 6,230 $10,058 $10,100 5/31 $6,210 NO. 5/11 Desc. DEP Customer deposit INT Interest earned CHK Customer check NOTE Note collected EFT Electronic funds transfer SF Service fees NSF Nonsufficient funds Additonal information May 31, 2021 NO. Ending Balance May 31, 2021 $6,210 Bowlegs, OK 74830 Statement Date: Account Summary Beginning Withdrawals and Balance Deposits and Credits Debits May 1, 2021 Total NO. Total $6,260 7 $10,050 9 $10,100 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 5/4 $ 1,460 DEP 5/1 469 $ 550 CHK 5/11 1,890 DEP 5/2 470 430 CHK 5/18 2,520 DEP 5/9 471 1,300 CHK 5/20 1,100 NOTE 5/11 400 NSF 5/20 60 INT 5/12 472 1,670 CHK 5/25 2,990 DEP 5/18 473 3,600 CHK 5/31 30 INT 5/20 600 EFT 5/25 474 1,500 CHK 5/31 50 SF $10,050 $10,100 Daily Balance Date Amount 5/1 $5,710 5/2 5,280 5/4 6,740 5/9 5,440 5/11 6,930 5/12 5,260 5/18 4,180 5/20 4,740 5/25 6,230 5/31 $6,210 Desc. DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer NSF Nonsufficient check funds EFT Electronic funds transfer Additional information: a The difference in the beginning balances in the company's records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2021 (prior month b. The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account Required: 1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2021 (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) DIAZ ENTERTAINMENT Bank Reconciliation May 31, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation Required information [The following information applies to the questions displayed below] The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Cash Balance Balance May 1, Cash Cash May 31, 2021 +Receipts Disbursements 2021 $5,280 $12,040 $12,220 $5,108 Cash Receipts Cash Disbursements Date Desc. Amount Date Checkt Desc. Amount 5/3 Sales $ 1,460 5/7 471 Legal fees $1,300 5/10 Sales 1,899 5/12 472 Property tax 1,670 5/17 Sales 2,520 5/15 473 Salaries 3,600 5/24 Sales 2,990 5/22 474 Advertising 1,500 5/31 Sales 3,180 5/30 475 Supplies 550 5/31 476 Salaries 3,688 $12,040 $12,220 Member FDIC 777285436 May 31, 2021 Ending Balance May 31, 2021 $6,212 P.O. Box 162647 Midwest Bank Bowlegs, OK 74830 Looking Out For You (405) 369-CASH Account Holder! Diaz Entertainment Account Number: 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: Account Summary Beginning Withdrawals and Balance Deposits and Credits Debits May 1, 2021 NO. Total NO. Total $6,260 7 510,850 9 $10,100 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 5/4 $ 1,460 DEP 5/1 469 $ 550 CHK 5/11 1,899 DEP 5/2 470 430 CHK 5/18 2,520 DEP 5/9 471 1,300 5/20 1,180 NOTE 5/11 400 NSF 5/20 68 INT 5/12 472 1,670 CHK 5/25 2,990 DEP 5/18 473 3,500 CHK 5/31 30 INT 5/20 600 EFT 5/25 474 1,500 CHK 5/31 Se SE $10,050 $10,100 CHK Daily Balance Date Amount 571 $5,712 5/2 5,280 5/4 6,740 5/9 5,440 6,930 5/12 5,260 5/18 4,188 5/20 4.748 5/25 6,230 5732 $6,210 5/21 Desc DEP Customer deposit INT Interest earned CHK Customer check NOTE Note collected EFT Electronic funds transfer SF Service fees NSF Nonsufficient funds Additional information 469 470 471 3/4 5/11 5/18 5/20 5/20 5/25 5/31 $1,450 1,890 2,529 1,100 60 2,990 30 DEP DEP DEP NOTE INT DEP INT 5/1 5/2 5/9 5/11 5/12 5/18 5/20 5/25 5/31 472 473 $ 550 430 1,300 400 1,670 3,600 600 1,500 50 $10,100 CHK CHK CHK NSF CHK CHK EFT CHK SF 5/1 5/2 5/4 5/9 5/11 5/12 5/18 5/20 5/25 5/31 $5,710 5,280 6,740 5,440 6,930 5,260 4,188 4,740 6,238 $6,210 474 $10,050 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2021 (prior month) b. The bank made the EFT on May 20 in error. The bank accidentally charged Dlaz for payment that should have been made on another account. 2. Record the necessary cash adjustments (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Total entries to the same account together when entering in the Journal entry carousel.) View transaction list Journal entry worksheet 1 2 > Record the amounts that increase cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general Journal Clear entry
