3 Question 4 (11 points) Spector Enterprises needs to prepare their bank reconciliations for the month ending May 31, 2021. Below, is the bank statement and general ledger cash account listing for the current month, May 31, 2021, and bank reconciliation for the previous month. Prepare a bank reconciliation for May and any required adjusting entries at the end of the month. Show your calculations! (11 marks) 6 Bank Reconciliation - April 30, 2021 Spector Enterprises Bank Reconciliation April 30, 2021 Bank statement balance $ 7,886 Book balance $ 10,132 Add: Deposit in transit 6,553 $ 14,439 Deduct: Outstanding cheques: # 384 S 363 # 398 $ 2,566 # 402 $ 1,378 4,307 Adjusted bank balance S 10,132 Bank Statement - May 31, 2021 Adjusted book balance $ 10,132 ENG 9:30 AM 2021-12 -13C 9 O DOLL let DESCK F1 F10 FO F8 FZ 56 Page 1: Bank Statement - May 31, 2021 1 2 3 4 5 6 9,269 2,683 Bank Statement To: Spector Enterprises May 31, 2021 Date TD Canada Trust Description Cheque Amount Deposits / Credits Apr 30 Balance Opening balance May 1 S 7,886 Deposit S 6,553 S 14,439 May 5 402 $ 1,378 S S 13,061 May 6 384 S 363 $ $ 12,698 May 6 404 S 509 $ $ 12,189 May 7 405 S 2,920 S $ $ May 13 Deposit s S 4,680 $ 13,949 | May 14 407 S $ 11,266 May 16 Deposit $ S 5,311 $ 16,577 May 18 Credit Memo S 257 $ 16,834 May 24 Deposit $ 3,687 $ 20,521 May 26 409 $ $ 20,429 S S $ $ 20,429 $ $ S 20,429 May 31 Service charge S 23 $ 20,406 Other information The bank collected an overdue account receivable on the company's behalf on May 18. They deposited the money net of a $22 service charge. 92 $ 20,429 ca EN A While most cheques are computer-generated and auto-recorded into the ledger -13C O e to search DOLL A Dises 2 Fm F9 F10 F7 F8 F6 FS FA F2 F3 & Time Limit: 3:10:00 Time Left:2:40:25 Manpreet Kaur: Attempt 1 Page 1 1 2 3 The bank collected an overdue account receivable on the company's behalf on May 18. They deposited the money net of a $22 service charge. While most cheques are computer-generated and auto-recorded into the ledger, from time to time the owner of Spector Enterprises handwrites cheques that cannot wait for the normal cheque-printing process. His handwriting is atrocious, so the bookkeeper sometimes enters the cheques incorrectly. Any error in processing a cheque should be adjusted against the Supplies expense. 4 5 6 Cash General Ledger Account - May 31, 2021 Cash Date Apr 30 May 2 May 3 May 5 May 7 May 12 May 15 May 18 May 23 May 24 May 31 May 31 Explanation PR Balance 404 GL 19 405 GL 19 406 GL 19 407 GL19 Deposit GL19 Deposit GL19 408 GL20 Deposit GL20 409 GL20 410 GL20 Deposit GL20 S S S S S S s S S S S S Acct. No. 101 Debit Credit Balance S 10,132 S 509 S 9,623 S 2,920 S 6,703 S 739S 5,964 S 2,638$ 3,326 4,680 S S S 8,006 5,311 S S 13,317 S 892 S 12,425 3,687 S -S 16,112 S 92 S 16,020 $ 635S 15,385 6,461 S 21,846 -13C . A a ENG 9:30 AM 2021-12- O Type here to search D1 Des FA WEEN WAK EN 10 FO FB F7 F6 FS F2 F3 F4 & 21 * $ % a # 7 8 3 4 5 E R T