The bookkeeper at Washington Company has not reconciled the bank statement with the Cash account, saying, I dont have time. You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The May 31, Current Year, bank statement and the May ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance Balance, May 1, Current Year $ 34,100 Deposits during May $ 39,100 73,200 Interest collected 1,990 75,190 Checks cleared during May $ 47,700 27,490 NSF checkB. C. Wong 390 27,100 Bank service charges 125 26,975 Balance, May 31, Current Year 26,975 Cash (A) Debit Credit May 1 Balance 27,000 May Checks written 44,000 May Deposits 44,700 A comparison of checks written before and during May with the checks cleared through the bank showed outstanding checks at the end of May of $3,400. No deposits in transit were carried over from March, but a deposit was in transit at the end of May.

2. Prepare the journal entries that the company should make as a result of the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

3. What was the beginning balance in the cash account in the ledger on June 1, Current Year?

Required information [The following information applies to the questions displayed below.] The bookkeeper at Washington Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The May 31, Current Year, bank statement and the May ledger account for cash showed the following (summarized): A comparison of checks written before and during May with the checks cleared through the bank showed outstanding checks at the end of May of $3,400. No deposits in transit were carried over from March, but a deposit was in transit at the end of May. 2. Prepare the journal entries that the company should make as a result of the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field