Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and

image

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 $18,000. 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 $18,000 May 2 $ 7,200 25,200 May 5 May 7 # 301 $10,200 # 302 15,000 6,400 8,600 May 8 10,000 18,600 May 14 # 303 420 18,180 May 17-Interest Earned $ 112 18,292 May 22-NSF cheque 200 18,092 May 29 # 304 3,800 14,292 May 31-Service charges 52 14,240 Balance, May 31 14,240 + Cash (A) - May 1 Balance 18,000 May 1 7,200 10,200 May 02 #301 May 7 10,000 6,400 May 04 #302 May 29 3,200 420 May 11 #303 3,800 1,220 May 30 #304 May 29 #305 May 31 Balance 16,360 Required: 1. Prepare a bank reconciliation for May. Bank Statement Ending balance per bank statement Additions: Deductions: MARTIN COMPANY Bank Reconciliation At May 31 Company's Books Ending balance per Cash account Additions: 0 Deductions: 0 0 Up-to-date cash balance $ 0 Up-to-date cash balance $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

5th edition

78025915, 978-1259115400, 1259115402, 978-0078025914

More Books

Students also viewed these Accounting questions

Question

2. Use the working-backward strategy to plan a party.

Answered: 1 week ago