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2.Prepare any journal entries required as a result of the bank reconciliation. 3. After the reconciliation journal entries are posted, what balance will be reflected
2.Prepare any journal entries required as a result of the bank reconciliation.
3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?
Cash and Equivalents:
4. If the company also has $56 on hand, which is recorded in a different account called Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Cash and Equivalents:
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and the May T-account for cash showed the transactions listed below. Martin Company's bank reconciliation at the end of April showed a cash balance of $19,400. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Withdrawals Deposits Other $ 8, 600 # 301 # 302 $11,600 5, 700 10,000 Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 Interest Earned May 22 - NSF cheque May 29 May 31 - Service charges Balance, May 31 Balance $19,400 28,000 16, 400 10, 700 20, 700 20, 140 20, 266 19, 926 14, 726 14, 660 14,660 # 303 560 $ 126 340 # 304 5, 200 66 + Cash (A) Balance May 1 May 1 May 7 May 29 19, 400 8, 600 10,000 4,600 11, 600 5, 700 560 5, 200 1, 360 May 02 May 04 May 11 May 30 May 29 #301 #302 #303 #304 #305 May 31 Balance 18, 180 Required: 1. Prepare a bank reconciliation for May. MARTIN COMPANY Bank Reconciliation At May 31 Company's Books Ending balance per Cash account Additions: Bank Statement Ending balance per bank statement Additions: 0 0 Deductions: Deductions: 0 Up-to-date cash balance A 0 Up-to-date cash balance 0Step by Step Solution
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