The cash account for Brentwood Bike Co. at May 1 indicated a balance of $32,788. During May, the total cash deposited was $139,699, and checks written totaled $138,679. The bank statement indicated a balance of $42,830 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

A.	Checks outstanding totaled $6,659.
B.	A deposit of $1,875 representing receipts of May 31, had been made too late to appear on the bank statement.
C.	The bank had collected for Brentwood Bike Co. $6,195 on a note left for collection. The face of the note was $5,900.
D.	A check for $170 returned with the statement had been incorrectly charged by the bank as $710.
E.	A check for $310 returned with the statement had been recorded by Brentwood Bike Co. as $130. The check was for the payment of an obligation to Adkins Co. on account.
F.	Bank service charges for May amounted to $24.
G.	A check for $1,213 from Jennings Co. was returned by the bank due to insufficient funds.

	Instructions
1.	Prepare a bank reconciliation as of May 31. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Deduct: or Add: will automatically appear if it is required.
2.	Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles.
3.	If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?

Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Question Instructions X The cash account for Brentwood Bike Co. at May 1 indicated a balance of $32,788. During May, the total cash deposited was $139,699, and checks written totaled $138,679. The bank statement indicated a balance of $42,830 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items Amount Descriptions A. Checks outstanding totaled $6,659. B. A deposit of $1,875 representing receipts of May 31, had been made too late to appear on the Amount Descriptions bank statement Bank error in charging check as $170 instead of $710 C. The bank had collected for Brentwood Bike Co. $6,195 on a note lett for collection. The face of Bank error in charging check as $710 instead of $170 the note was S5,900. Bank service charges Check retumed because of insufficient funds D. A check for $170 returned with the statement had been incorrectly charged by the bank as $710. Company error in recording note collected by bank E. A check for $310 returned with the statement had been recorded by Brentwood Bike Co. as Deposit of May 31, not recorded by bank $130. The check was for the payment of an obligation to Adkins Co. on account Error in recording check Outstanding checks Bank Reconciliation Note and interest collected by bank Journal X 1. Prepare a bank reconciliation as of May 31. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Deducti" or "Add" will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions. 2. Joumalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of accountilles PAGE 1 ACCOUNTING EQUATION JOURNAL BRENTWOOD BIKE CO Bank Reconciliation May 31 1 Cash balance according to bank statement 2 3 3 DATE DESCRIPTION POST. DEBIT CREDIT ASSETS LIABILITIESQUITY 1 2 5 Final Question 3. Il a balance sheet were prepared for Brentwood Bike Co. on May 31, what arcun should be reported as cash? $ Check My Work Previous Next