Bank Reconciliation and Entries

Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 Indicated a balance of $13,790. During May, the total cash deposited was $68,79D and checks written totaled $63,870. The bank stabement Indicated a balance of $23,320 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconcliling items: a. Checks outstanding totaled $10,390. b. A deposit of $8,460, representing recelpts of May 31, had been made too late to appear on the bank statement. c. The bank had collected for Brentwood Blke Co. $4,470 on a note left for collection. The face of the note was $4,130. d. A check for $270 retumed with the statement had been incorrectly charged by the bank as $720. e. A check for $630 retumed 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 $40. g. A check for $1,030 from Jennings Co. was returned by the bank because of insuficlent funds