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Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as
Required information [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 $22,400. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Checks BANK STATEMENT Deposits Balance, May 1 May 2 $ 9,000 May 5 May 7 #301 #302 $ 12,000 7,600 May 8 11,000 May 14. #303 580 May 17 May 22 May 27 #304 5,400 May 31 Balance, May 31 Other Balance $ 22,400 31,400 19,400 11,800 22,800 22,220 Interest earned $ 200 22,420 NSF check 360 22,060 16,660 Service charge 100 16,560 16,560 Cash (A) Debit Credit May 1 Balance 22,400 May 1 9,000 12,000 May 7 May 29 11,000 7,600 7,600 580 5,400 2,100 # 301 May 2 # 302 May 4 # 303 May 11 # 304 May 23 #305 May 29 May 31 Balance 22,320 A B C Record the interest of $200 receipt from the bank. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < A B Record the return of the customer check of $360 due to insufficient funds. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A B Record the service charges of $100 deducted by the bank. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit 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? Balance in Cash Account 4. If the company also has $90 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
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