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 - Cash Balance May 31, 2021 $5,328 May 1, 2021 + Cash Receipts $5,390 $11,490 Cash Receipts Date Desc. 5/3 Sales 5/10 Sales 5/17 Sales 5/24 Sales 5/31 Sales Amount $ 1,350 1.780 2.410 2,880 8 3.07e 471 Cash Disbursements $11,560 Cash Disbursements Checki Desc Legal fees 472 Property tax 473 Salaries Advertising 475 Supplies 476 Salaries Date 5/7 5/12 5/15 5/22 5/30 474 Amount $ 1.190 1,568 3.490 1.399 448 3.490 $11,560 5/31 $11,490 Member FDIC 7772854368 May 31, 2021 Ending Balance May 31, 2021 $6,629 P.O. Box 162647 Midwest Bank Bowlegs, OK 74830 Looking Out For You (485) 369-CASH Account Holder: Diaz Entertainment Account Number: 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: Account Summary Beginning Balance Deposits and Credits Withdrawals and Debits May 1, 2021 NO. Total NO. Total $6, 150 7 99,688 9 99,299 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc. Date No. Amount Desc. 5/4 $ 458 DEP 5/1 469 CHK 5/11 1.280 DEP 5/2 479 320 CHK 5/18 2.418 5/9 471 1.198 CHK 5/29 1.2ee NOTE 5/11 298 NSF 5/29 49 INT 5/12 472 1.560 CHK 5/25 BEE DEP 5/18 3,490 CHK 5/31 19 INT 5/28 499 EFT 5/25 474 1,390 CHK 5/31 39 $ 9.688 $9.299 - DEP Daily Balance Date Amount 5/1 $5,710 5/2 5.399 5/4 6.740 5/9 5, 55e 7.840 5/12 5,480 5/18 4. dee 5/20 5,159 5/25 6,649 5/31 $ 6,629 5/11 473 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. Required: 1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2021. (Amounts to be deducted should be Indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) DIAZ ENTERTAINMENT Bank Reconciliation May 31, 2021 Company's Cash Balance Per general ledger Bank's Cash Balance Per bank statement Bank balance per reconciliation Company balance per reconciliation 2. Record the necessary cash adjustments. (17 no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list 1 Record the amounts that increase cash. 2 Record the amounts that decrease cash. Credit Note : = journal entry has been entered Record entry Clear entry View general journal
