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a. Apri checks that have not yet cleared the bank totaled $675. b. A deposit of $1,265 was recorded on MKM's bank account on May
a. Apri checks that have not yet cleared the bank totaled $675. b. A deposit of $1,265 was recorded on MKM's bank account on May 29. However the deposit did not belong to MKM c. One check correctly written in payment for supplies for $879 was recorded by MKM as a $789 disbursement d. In accordance with prior authorization, the bank withdrew $1,750 directly from the checking account as payment on a note payable. The interest portion of that payment was $76. MKM has made no entry to record the automatic payment. e. Bank service charges of $38 were listed on the bank statement. f. The bank collected $17,500 related to a note that included $500 interest. The bank deducted a $70 collection fee and deposited the remaining balance into Aragon's bank account. 8. The bank statement included a charge of $85 for an NSF check. The check was returned with the bank statement and the company will seek payment from the customer. h. Outstanding checks written in May totaled $1,743.76 i. The May 31, 2021 cash receipts of $1,200 were not deposited in the bank until June 3, 2021. 1. The genral ledger balance on May 31 was $9,616,56 Required: (a) Prepare a bank reconciliation for the month ended May 31, 2021. (b) Prepare the general journal entries to correct the Cash Account. a. Apri checks that have not yet cleared the bank totaled $675. b. A deposit of $1,265 was recorded on MKM's bank account on May 29. However the deposit did not belong to MKM c. One check correctly written in payment for supplies for $879 was recorded by MKM as a $789 disbursement d. In accordance with prior authorization, the bank withdrew $1,750 directly from the checking account as payment on a note payable. The interest portion of that payment was $76. MKM has made no entry to record the automatic payment. e. Bank service charges of $38 were listed on the bank statement. f. The bank collected $17,500 related to a note that included $500 interest. The bank deducted a $70 collection fee and deposited the remaining balance into Aragon's bank account. 8. The bank statement included a charge of $85 for an NSF check. The check was returned with the bank statement and the company will seek payment from the customer. h. Outstanding checks written in May totaled $1,743.76 i. The May 31, 2021 cash receipts of $1,200 were not deposited in the bank until June 3, 2021. 1. The genral ledger balance on May 31 was $9,616,56 Required: (a) Prepare a bank reconciliation for the month ended May 31, 2021. (b) Prepare the general journal entries to correct the Cash Account
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