apter 4. Homework - GRADED A 1 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. irt 1 of 2 DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 31, 2021 $5,380 Amount May 1, 2021_+ Cash Receipts + $5,420 $11,340 Cash Receipts Date Desc. Amount 5/3 Sales $ 1,320 5/10 Sales 1,750 5/17 Sales 2,380 5/24 Sales 2,850 5/31 Sales 3,040 Cash Disbursements $11,380 Cash Disbursements Check Desc. 471 Legal fees 472 Property tax 473 473 Salaries 474 Advertising 475 Supplies 476 Salaries Date 5/7 5/12 5/15 5/22 5/30 5/31 Book $ 1,160 1,539 3,460 1,360 410 3,460 $11,380 Print $11,348 eferences Member FDIC 7772854360 May 31, 2021 1 Total Ending Balance $6,716 May 31, 2021 P.O. Box 162647 Midwest Bank Bowlegs, OK 74830 Looking Out For You (465) 369-CASH Account Holder: Diaz Entertainment Account Number: 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: Account Summary Beginning Balance Deposits and Credits Withdrawals and Debits May 1, 2021 NO. Total NO. $6,120 7 59,562 9 $8,966 Account Details Deposits and Credits withdrawals and Debits Date Amount Desc. Date No. Amount Desc. . 5/4 $ 1,320 DEP 5/1 469 $ 410 CHK 5/11 1,750 DEP 5/2 479 290 5/18 CHK -- 10 DEP 2,380 5/9 471 1,160 CHK 5/20 1,200 NOTE 5/11 260 NSF 5/20 48 INT 5/12 472 1,530 CHK 5/25 2,850 DEP 5/18 473 3,460 CHK 5/31 16 INT 5/20 460 EFT 5/25 474 1,360 CHK 5/31 36 SF $ 9,562 58,966 Daily Balance Date Amount 5/1 $5,710 5/2 5,420 5/4 6,740 5/9 5,589 5/11 7,070 5/12 5,540 5/18 4,460 5/20 5,246 5/25 6,736 5/31 56,716 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned SF Service fees CHK Customer check NSF Nonsufficient funds Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to checks 3469 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 , Company's Cash Balance Per general ledger $ $ 3,040 Note collected Interest earned Service fees NSF check Bank's Cash Balance Per bank statement Deposits outstanding Bank error Checks outstanding 5,380 Bank balance per reconciliation Company balance per reconciliation 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry first account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list Journal entry worksheet Record the amounts that decrease cash. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal
