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Bank Reconciliation and Entries The cash account for Brentwood Bike Coot May 1 indicated a balance of $13,990. During May, the total cash deposited was
Bank Reconciliation and Entries The cash account for Brentwood Bike Coot May 1 indicated a balance of $13,990. During May, the total cash deposited was $71,080 and checks written totaled $66,000. The bank statement indicated o balance of $24,100 on May 31. Comparing the bank statement, the canceled checks, and the accompanying merrios with the records revealed the following reconciling items: 3. Checks outstanding totaled $10,730 D. A deposit of $8,740, 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. 54,620 on a note left for collection. The face of the note was $4,260, d. A check for $360 returned with the statement had been incorrectly charged by the bank as $630. c. A check for $970 returned with the statement had been recorded by Brentwood Bike Co, as $790. The check was for the payment or an obligation to Adkins Co. on account. 1. Bank service charges for May amounted to $60 9. A check for $1,070 from Jennings Co. was returned by the bank because of insumclent funds Instructions: 1. Prepare a bank reconciliation as of May 31 Brentwood Bike Co. Bank Reconciliation May 31 Cash balance according to bank statement Add deposit of May 31, not recorded by bank Add bank error in charging check as $630 instead of $360 24,100 8,70 270 8,740 X 360 X Deduct outstanding checko 10,730 Oved My Work Previous 1. Prepare a bank reconciliation as of May 31. Brentwood Bike Co. Bank Reconciliation May 31 Cash balance according to bank statement Add deposit of May 31, not recorded by bank 24,100 8,740 Add bank error in charging check as $630 Instead of $360 270 8,740 360 Deduct outstanding checks 10,730 22,380
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