Required information [The following information applies to the questions displayed below.) The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance May 31, 2021 $5,500 Cash Balance Cash May 1, 2021 + Receipts $5,480 $11,040 Cash Receipts Date Desc. 5/3 Sales 5/10 Sales 5/17 Sales 5/24 Sales 5/31 Sales Amount Date $ 1,260 5/7 1,690 5/12 2,320 5/15 2,790 5/22 2,980 5/30 5/31 $11,040 Cash Disbursements $11,020 Cash Disbursements Check# Desc. 471 Legal fees 472 Property tax 473 Salaries 474 Advertising 475 Supplies 476 Salaries Amount $ 1,100 1,470 3,400 1,300 350 3,400 $11,020 Member FDIC 7772854360 May 31, 2021 P.0. Box 162647 Midwest Bank Bowlegs, OK 74830 Looking Out For You (405) 369-CASH Account Holder: Diaz Entertainment Account Number: 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: Account Summary Withdrawals and Beginning Balance Deposits and Credits Debits May 1, 2021 NO. Total NO. Total $6,060 7 $9,310 9 $8,480 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 5/4 $ 1,260 DEP 5/1 469 $ 350 CHK 5/11 1,690 DEP 5/2 470 230 CHK 5/18 2,320 DEP 5/9 471 1,100 CHK 5/20 1,200 NOTE 5/11 200 NSF 5/20 40 INT 5/12 472 1,470 CHK 5/25 2,790 DEP 5/18 473 3,400 CHK Ending Balance May 31, 2021 $6,890 Daily Balance Date Amount 5/1 $5,710 5/2 5,480 5/4 6,740 5/9 5,640 5/11 7,130 5/12 5,660 Member FDIC 7772854360 May 31, 2021 Ending Balance May 31, 2021 $6,890 P.O. Box 162647 Midwest Bank Bowlegs, OK 74830 Looking Out For You (405) 369-CASH Account Holder: Diaz Entertainment Account Number: 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: Account Summary Withdrawals and Beginning Balance Deposits and Credits Debits May 1, 2021 NO. Total NO. Total $6,060 7 $9,310 9 $8,480 Account Details Deposits and Credits Withdrawals and Debits Amount Desc. Date No. Amount Desc. 5/4 $ 1,260 DEP 5/1 469 $ 350 CHK 5/11 1,690 DEP 5/2 470 230 CHK 5/18 2,320 DEP 5/9 471 1,100 CHK 5/20 1,200 NOTE 5/11 200 NSF 5/20 40 INT 5/12 472 1,470 CHK 5/25 2,790 DEP 5/18 473 3,400 CHK 5/31 10 INT 5/20 400 EFT 5/25 474 1,300 CHK 5/31 30 SF $ 9,310 $8,480 Date Daily Balance Date Amount 5/1 $5,710 5/2 5,480 5/4 6,740 5/9 5,640 5/11 7,130 5/12 5,660 5/18 4,580 5/20 5,420 5/25 6,910 5/31 $6,890 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2021 (prior month). b. The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the st account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list Journal entry worksheet
