Dinner Food Store developed the following information in recording its bank statement for the month of...

Transcribed Image Text:

Dinner Food Store developed the following information in recording its bank statement for the month of May. Balance per books March 31 $ 2,905 $10,900 Balance per bank statement March 31 (1) Checks written in May but still outstanding $9,800. (2) Deposits of May 30 and 31 not yet recorded by bank $5,200. (3) NSF check of customer returned by bank $1,200. (4) Check No. 210 for $594 was correctly issued and paid by bank but incorrectly entered in the company cash payments journal as payment on account for $549. (5) Bank service charge for May was $50. (6) A payment on account was incorrectly entered in the cash payments journal and posted to the account payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in May. (7) The bank collected a note receivable for the company for $4,000 plus $150 interest revenue. Instructions 1. Prepare a bank reconciliation at May 31. marks) 2. Record all the required correcting entries. (10 (5 marks) Dinner Food Store developed the following information in recording its bank statement for the month of May. Balance per books March 31 $ 2,905 $10,900 Balance per bank statement March 31 (1) Checks written in May but still outstanding $9,800. (2) Deposits of May 30 and 31 not yet recorded by bank $5,200. (3) NSF check of customer returned by bank $1,200. (4) Check No. 210 for $594 was correctly issued and paid by bank but incorrectly entered in the company cash payments journal as payment on account for $549. (5) Bank service charge for May was $50. (6) A payment on account was incorrectly entered in the cash payments journal and posted to the account payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in May. (7) The bank collected a note receivable for the company for $4,000 plus $150 interest revenue. Instructions 1. Prepare a bank reconciliation at May 31. marks) 2. Record all the required correcting entries. (10 (5 marks)