Bank Reconciliation and Entries

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $12,950. During May, the total cash deposited was $64,420 and checks written totaled $59,810. The bank statement indicated a balance of $21,840 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $9,730.

A deposit of $7,920, representing receipts of May 31, had been made too late to appear on the bank statement.

The bank had collected for Brentwood Bike Co. $4,190 on a note left for collection. The face of the note was $3,870.

A check for $490 returned with the statement had been incorrectly charged by the bank as $940.

A check for $410 returned with the statement had been recorded by Brentwood Bike Co. as $140. The check was for the payment of an obligation to Adkins Co. on account.

Bank service charges for May amounted to $30.

A check for $970 from Jennings Co. was returned by the bank because of insufficient funds.

gnment-take&norogress- QSearch Ch 8-3 Exercises& P Show He How 5. PR.08-04AL 2. Journalze the necessary antries 4.) that increzse casn nd (.) that decrease cash. hs accounts have not been dcsed. For compound transaction, if an amount box does not require an entry, leave it blank. a. Mar 31 b. Nzy 31 3. f a balance sheet were prepared for Brentwond ke Co. on May 31, what ameunt should be reperted as cash? Progress: 55 Items 2 mare Ceck y orkuzes remaning Previous signment score:00% Save and Exit Submit Assignment for Grading