Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Brentwood Bike Co. at May 1 indicated a balance of $34,250. During May, the total cash deposited was $140,300, and checks written totaled $138,880. The bank statement indicated a balance of $43,525 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 $6,440. b. A deposit of $1,850 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. $5,250 on a note left for collection. The face of the note was $5,000. d. A check for $390 returned with the statement had been incorrectly charged by the bank as $930. e. A check for $210 returned with the statement had been recorded by Brentwood Bike Co. as $120. The check was for the payment of an obligation to Adkins Co. on account. 1. Bank service charges for May amounted to $30. g. A check for $1,325 from Jennings Co. was returned by the bank due to insufficient funds Required: 1. Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Deduct" or "Add" will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions Enter all amounts as positive numbers. 2. Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles CNOW Jumal do not use lines for inmal anianations. Pan line on a inmal nane is used for debt ne ait entries CNOW in male will Bank reconciliation and entries Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Brentwood Bike Co. at May 1 indicated a balance of $34,250. During May, the total cash deposited was $140,300, and checks written totaled $138,880. The bank statement indicated a balance of $43,525 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 $6,440. b. A deposit of $1,850 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. $5,250 on a note left for collection. The face of the note was $5,000. d. A check for $390 returned with the statement had been incorrectly charged by the bank as $930. e. A check for $210 returned with the statement had been recorded by Brentwood Bike Co. as $120. The check was for the payment of an obligation to Adkins Co. on account. 1. Bank service charges for May amounted to $30. g. A check for $1,325 from Jennings Co. was returned by the bank due to insufficient funds Required: 1. Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Deduct" or "Add" will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions Enter all amounts as positive numbers. 2. Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles CNOW Jumal do not use lines for inmal anianations. Pan line on a inmal nane is used for debt ne ait entries CNOW in male will