Bank Reconciliation and Entries Rancho Foods deposits all cash recelpts each Wednesday and Friday in a night depository, after banking hours. The data required to recor the bank statement as of May 31 have been taken from various documents and records and are reproduced as follows. The sources of the are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of May 1 CASH RECEIPTS FOR MONTH OF MAY DUPLICATE DEPOSIT TICKETS $9,578.00 $5,255.89 Date and amount of each deposit in May: Amount Date Amount Date Date May 2 May 12 $580.70 May 23 731.45 26 601.50 31 580.34 $569.50 5 701.80 16 600.10 189.24 19 701.26 CHECKS WRITTEN: Number and amount of each check issued in May: Check No. Amount 3309.50 62837 614 $243.50 837.70 615 7:30 PM 4K 2/11/2019 309.50 $243.50 350.10 279.90 395.50 435.40 320.10 238.87 621 622 623 624 625 626 627 628 Void 629 Void 630 07.01 631 185.63 632 550.03 633 634 $837.70 329.90 882.80 1,081.56 62.40 310.08 503.30 $8,342.01 615 616 617 618 619 620 318.73 Total amount of checks issued in May PAGE 1 MEMBER FDIC ACCOUNT NUMBER AMERICAN NATIONAL BANK OF DETROIT FROM 5/01/20Y8 TO S/31/20Y8 DETROIT, MI 48201-2500 313)933-8547 9,422.80 9 DEPOSITS 6,086.35 20 WITHDRAWALS 4 OTHER DEBITS AND CREDITS Rancho Foods 3.650.0OCR NEW BALANCE 11,007.04 uH-.DEPOBrre.DATE -.-BALANCE 9,801.00 05/0310,041.80 780.80 589 50 No.580 310.10 No 812 92.50 No.802 85.50 No.614 243.50 Add deposit of April 30, not recorded by bank 780.80 $10,203.60 Deduct outstanding checks: No. 580 No. 602 No. 612 No. 613 Adjusted balance Cash balance according to company's records Deduct service charges Adjusted balance Instructions: $310.10 85.50 92.50 137.50 625.60 9,578.00 $ 9,605.70 27.70 $ 9,578.00 1. Prepare a bank reconciliation as of May 31. If errors in recording deposits or checks are discovered, assume that th the company. Assume that all deposits are from cash sales except for the note receivable of $4,000 and interest of $16 All checks are written to satisfy accounts payable. If required, round your answers to the nearest cent. Rancho Foods Bank Reconciliation Cash balance according to bank statement Add deposit of May 31, not recorded by bank 9,422.80 780.80 10,203.60 Deduct outstanding checks: 137.50 837.70 318.731.293.93 No. 613 No. 628 No. 634 8,909.67 Adjusted balance ) 9,578.00 Cash balance according to Rancho Foods 1 Deduct: Proceeds of note collected by bank: Deposit Checks returned duct: Proceeds of note collected by bank: Deposit Adjusted balance 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, s effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as ne amounts. Increase in Cash: Balance Sheet + Stockholders' Equity Statement of Cash Assets Calculator Statement of Cash Assets Liabilities Stockholders' Equity Income Flows Statement May 31 May 31 Statement of Cash Flows Income Statement Decrease in Cash Balance Sheet Statement of Cash Liabilities+Stockholders' Equity Assets Flows 731 PM 2/11/2019 May 31 Statement of Cash Liabilities Assets + Stockholders' Equity Flows Statement May 31 May 31 Statement of Cash Flows 3. What is the amount of Cash that should appear on the balance sheet as of May 31? Round your answer to the nearest cent 4. Assume that a canceled check for $50 had been incorrectly recorded by the bank as $500. Which of the following is the correct way to include the error in a bank reconciliation? 31 PM 4x 2/11/2019