Solved 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 $5,380 May 1, 2021 Cash Receipts $5,420 $11,340 Cash Receipts Date Desc. Amount 5/3 Sales $ 1,320 5/10 Sales 1,750 5/12 Sales 2,380 5/24 Sales 2,850 5731 Sales 3,840 Date 577 5/12 5/15 5722 5/30 5/31 Cash Disbursements $11,380 Cash Disbursements Check Desc 471 Legal fees 472 Property tax 423 Salaries Advertising 475 Supplies 476 Salaries 474 Amount 5 1,160 1,530 3,460 1,360 410 3,460 $11,380 $11,340 Member FOIC 7772854360 May 31, 2021 Ending Balance May 31, 2021 $6.716 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 74836 Statement Datet Account Summary Beginning Balance Deposits and Credits withdrawals and Debits May 1, 2021 NO Total NO Total 56,120 7 $9,562 9 $5.966 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc Date Amount Desco 5 1,320 DEP 5/1 469 5410 5/11 1,750 DEP 5/2 470 290 CH 5/18 2,380 DEP 5/9 471 1.160 CHK 5/20 1,200 NOTE 5/11 260 NSF 5/20 INT 5/12 472 1,530 CH 5/25 2,850 DEP 5/18 473 3,460 CH 5/31 16 INT 5/20 460 EFT 5/25 474 1,360 5/31 36 SF 59,562 38,966 NO 5/4 Daily Balance Date Amount 5/1 55,710 5/2 5,420 5/4 5,740 579 5,580 5/11 7.070 5/12 5,540 5/18 4,460 5/20 5.246 5/25 6.734 5/31 56,216 Desc DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check 5F Service fees NSE 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.) DUZ ENTERTAINMENT Bank Reconciliation Mary 31, 2021 Company's Cash Balance Per general ledger Bank's Cash Balance Per bank statement Bank balance per reconciliation Company balance per reconciliation
