4-3A (Algo) Prepare the bank reconciliation and record cash adjustments (LO4-5) The cash records and bank statement for the month of May for Daniels Entertainment are shown below. Cashi Cash Balance May 1, 2024 Receipts DANIELS ENTERTAINMENT Cash Account Records May 1, 2024, to May 31, 2024 Cash Disbursements Cash Disbursements Cash Balance $5,310 $11,890 Cash Receipts May 31, 2024 $12,040 $5,160 Date: Description Amount Date Description Memo Amount 5/3 Sales $1,430 5/7 DC Legal fees $1,270 5/10 Sales 1,860 5/12 DC Property tax 1,640) 5/17 Sales 2,490 5/15 DC Salaries 3,570 5/24 Sales 2,960 5/22 DC Advertising 1,470 5/31 Sales 3,150 5/30 5/31 CHK number 471 CHK number 472 Supplies Salaries 520 3,570 $11,890 $12,040 P.O. Box 162647) Bowlegs, OK 74830 (405) 369-CASH Account Holder: Beginning Balance May 1, 2024 $6,230 Daniels Entertainment 124 Saddle Blvd, Bowlegs, OK 74830 Midwest Bank Looking Out For You Account Number: Statement Date: Account Summary Total $9,924 Number 9 Deposits and Credits Number 7 Account Details Withdrawals and Debits Total $9,857 Member FDIC 7772854360 May 31, 2024 Ending Balance May 31, 2024 $6,297 Beginning Balance May 1, 2024 $6,230 Deposits and Credits Deposits and Credits Number 7 Total $9,924 Number Total Withdrawals and Debits Ending Balance May 31, 2024 9 $9,857 $6,297 Account Details Withdrawals and Debits Daily Balance Date: Amount Description Date: Number Amount Description Datel Amount 5/4 $1,430 DEP 5/1 469 $520 CHK 5/1 $5,710 5/11 1,860 DEP 5/2 470 400 CHK 5/2 5,310 5/18 2,490 DEP 5/7 1,270 DC 5/4 6,740 5/20 1,100 NOTE 5/11 370 NSF 5/9 5,470 5/20 57 INT 5/12 1,640 DC 5/11 6,968 5/25 2,960 DEP 5/15 3,570 DC 5/12 5,320 5/31 27 INT 5/20 570 EFT 5/18 4,240 5/22 1,470 DC 5/20 4,827 5/31 47 SF 5/25 6,317 $9,924 $9,857 5/31 $6,297 Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to checks number 469 and number 470, which are outstanding as of April 30, 2024 (prior month). b. The bank made the EFT on May 20 in error. The bank accidentally charged Daniels for payment that should have been made on another account. Required: 1. Prepare a bank reconciliation for Daniels's checking account on May 31, 2024. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for Daniels's checking account on May 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) DANIELS ENTERTAINMENT Bank Reconciliation Bank's Cash Balance Per bank statement: Bank balance per reconciliation: May 31, 2021 Company's Cash Balance Per general ledger Company balance per reconciliation < Required t Required 2 > S Required 1 Required 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 A B Record the amounts that increase cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal