Bank Reconciliation and Entries

and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,340. During May, the total cash deposited was $67,140 and checks written totaled $62,340. The bank statement indicated a balance of $22,760 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items a. Checks outstanding totaled $10,140 b. A deposit of $8,260, representing receipts of May 31, had been made too late to appear on the bank statement. c. The bank had collected for Brentwood Bike Co. $4,360 on a note left for collection. The face of the note was $4,030. d. A check for $360 returned with the statement had been incorrectly charged by the bank as $630. e. A check for $630 returned with the statement had been recorded by Brentwood Bike Co. as $360. The check was for the payment of an obligation to Adkins Co. on account. f. Bank service charges for May amounted to $70. g. A check for $1,010 from Jennings Co. was returned by the bank because of insufficient funds. Bank Reconciliation May 31 22.760 Add deposit of May 31, not recorded by Add bank error in charging check as $630 instead of $360 270 8.530 10,140 as of May 31 2. Journalize the necessary entries (a.) that increase cash and (b.) that an amount box does not require an entry, leave it blank. a. May 31 b. May 31 3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash? more Check My Work uses remaining