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The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and the May T-account for cash showed the transactions listed below. Martin Company's bank reconciliation at the end of April showed a cash balance of $19,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Withdrawals Deposits Other Balance, May 1 Balance $19,500 May 2 $ 8,700 28,200 May 5 # 301 $11,700 16,500 May 7 # 302 5,650 10,850 May 8 10,000 20,850 May 14 # 303 570 20,280 May 17-Interest Earned $ 127 20,407 May 22-NSF cheque 350 20,057 May 29 # 304 5,300 14,757 May 31-Service charges Balance, May 31 67 14,690 14,690 + Cash (A) - May 1 Balance 19,500 May 1 8,700 11,700 May 7 10,000 5,650 May 29 May 02 May 04 #301 #302 4,700 570 5,300 May 11 #303 May 30 #304 1,370 May 29 #305 May 31 Balance 18,310 Required: 1. Prepare a bank reconciliation for May. Bank Statement Ending balance per bank statement Additions: MARTIN COMPANY Bank Reconciliation At May 31 Company's Books Ending balance per Cash account Additions: Deductions: 0 Deductions: 0 0 Up-to-date cash balance $ 0 Up-to-date cash balance $ 0
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Step: 1
To prepare the bank reconciliation follow these steps Step 1 Identify the Ending Balances Bank State...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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