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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
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). Martin Company's bank reconciliation at the end of April showed a cash balance of $14,300. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Deposits Other $6,000 #301 $9,000 #302 4,000 8,000 Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 #303 Balance $ 14,300 20,300 11,300 7,300 15,300 14,900 14,970 14,790 11,190 11,160 11,160 400 Interest NSF check $ 70 180 #304 3,600 Service charge 30 May 1 Balance May 1 May 7 May 29 Cash (A) 14,300 6,000 8,000 4,000 9,000 4,000 400 3,600 300 #301 May 2 #302 May 4 #303 May 11 #304 May 23 #305 May 29 May 31 Balance 15,000 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 X A Record the interest of $70 receipt from the bank. > B Record the return of the customer check of $180 due to insufficient funds. Record the service charges of $30 deducted by the bank. Credit Note: = journal entry has been entered Record entry Clear entry View general journal After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? alance in Cash Account If the company also has $20 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? Fotal Amount of Cash and Cash Equivalents
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