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Multistep question need help with 1 , 2 and 3 The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of
Multistep question need help with 1 , 2 and 3
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and the May T-account for cash showed the transactions listed below. Martin Company's bank reconciliation at the end of April showed a cash balance of $18,800. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Withdrawals Deposits Other $ 8,000 # 301 $11,000 # 302 6,000 10,000 Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17-Interest Earned May 22-NSF cheque May 29 May 31-Service charges Balance, May 31 # 303 500 Balance $18,800 26,800 15,800 9,800 19,800 19,300 19,420 19,140 14,540 14,480 14,480 $120 280 # 304 4,600 60 + Cash (A) Balance May 1 May 1 May 7 May 29 18,800 8,000 10,000 4,000 11,000 6,000 500 4,600 1,300 May 02 May 04 May 11 May 29 May 29 #301 #302 #303 #304 #305 May 31 Balance 17,480 Required: 1. Prepare a bank reconciliation for May. MARTIN COMPANY Bank Reconciliation At May 31 Company's Books Ending balance per Cash account Additions: Bank Statement Ending balance per bank statement Additions: Deductions: Deductions: Up-to-date cash balance Up-to-date cash balance 2. Prepare any journal entries required as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the interest earned on May 17. Note: Enter debits before credits. General Journal Debit Credit Date May 17 Record entry Clear entry View general journal 3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? Cash balanceStep by Step Solution
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