Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,460. During May, the total cash deposited was $73,280 and checks written totaled $68,040. The bank statement indicated a balance of $24,840 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 $11,070. b. A deposit of $9,010, 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. $4,760 on a note left for collection. The face of the note was $4,400. d. A check for $580 returned with the statement had been incorrectly charged by the bank as $850. 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 $40. g. A check for $1,100 from Jennings Co. was returned by the bank because of insufficient funds. Instructions: 1. Prepare a bank reconciliation as of May 31. Brentwood Bike Co. Bank Reconciliation May 31 $ 24,840 Cash balance according to bank statement Add deposit of May 31, not recorded by bank $ 9,010 Adjusted balance Cash balance according to company's records $ 14,460 Adjusted balance