PA5-2 (Algo) Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4, LO 5-5] The following information applies to the questions displayed below) The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $22,800. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Deposits Checks Other $ 9,000 $ 12,000 2301 #302 7,800 11,000 Balance $ 22,800 31,800 19,800 12,000 23,000 22, 410 22, 520 22,250 16,750 16,645 16,645 W303 Balance, May 1 May 2 May 5 May 7 May May 14 May 17 May 22 May 27 May 31 Balance, May 31 590 Interest earned NSF check $ 210 370 #304 5,500 Service charge 105 Cash (A) Credit Debit Balance 22,800 May 1 OD 5 6 7 8 Sign Out M Help Cash (A) Debit Balance Credit May 1 May 1 May 7 May 29 22,800 9,000 11,000 7,800 12,000 7.800 590 5,500 2,200 #301 May 2 #302 May 4 #303 May 11 304 May 23 #305 May 29 May 31 Balance 22,510 PA5-2 (Algo) Part 1 Required: 1. Prepare a bank reconciliation for May MARTIN COMPANY Bank Reconciliation At May 31 Bank Statement Company's Books M Save & Suomi Check my work Required information Bank Statement Ending Balance Per Bank Statement Additions: MARTIN COMPANY Bank Reconciliation AL May 31 Company's Books Ending Balance Per Cash Account Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash Balance M Sign out Checi 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 of $210 receipt from the bank, Note: Enter debits before credits General Journal Debit Credit Transaction 1 M Help Save & ER Submit Check my work PAD-4 (Ago) Part 4 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 ist Journal entry worksheet Record the return of the customer check of $370 due to insufficient funds. Note: Enter debits before credits Debit Credit General Journal Transaction 2 Sign Out M 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 M Help Cash (A) Debit Balance Credit May 1 May 1 May 7 May 29 22,800 9,000 11,000 7,800 12,000 7,800 590 5,500 2, 200 #301 May 2 #302 May 4 #303 May 11 #304 May 23 #305 May 29 May 31 Balance 22,510 PA5-2 (Algo) Part 3 3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? Balance in Cash Account M Uchiha32501251.theducation.com 252Fhaddiewe amework Sube Debit Balance Check my won Credit May 1 May 1 May 7 May 29 22,800 9,000 11,000 7,800 12,000 7,800 590 5,500 2. 200 301 May 2 302 May 4 303 May 11 304 May 22 305 May 29 May 31 Balance 22,510 PA5-2 (Algo) Part 4 4. If the company also has $95 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Total Amount of Cash and Cash Equivalents Sign out M