The cash account for Santiago Co. on May 31 indicated a balance of $20,915. The May bank statement indicated an ending balance of $25,645. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. b. C. Checks outstanding totaled $5,975. A deposit of $3,796 had been made too late to appear on the bank statement. A check for $1,482 returned with the statement had been incorrectly recorded by the company as $482. The check was originally issued to pay on account The bank collected $4,515 on a note left for collection of which $515 was interest revenue. Bank service charges for May amounted to $70. A check for $894 was returned by the bank because of insufficient funds. d. f. Calculator a. Prepare a bank reconciliation as of May 31. Santiago Co. Bank Reconciliation May 31 25,645 Cash balance according to bank statement Adlustments: Deposits not recorded by bank Bank service charges Adjus Deposits not recorded by bank Error in recording check 20,915 cords Cash Adjus Interest revenue O Note receivable Error in recording check Interest payable Deposits in transit Total adjustments Adjusted balance b. Journalize the necessary entries. Record the entry to increase cash first. If an amount box does not require an entry, leave it blank. May 31 a. Prepare a bank reconciliation as of May 31. Santiago Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjustments: Deposits not recorded by bank $ 25,645 Bank service charges Error in recording check Interest revenue pmpany's records 20,915 Note receivable Outstanding checks Interest payable Deposits in transit Total adjustments Adjusted balance b. Journalize the necessary entries. Record the entry to increase cash first. If an amount box does not require an entry, leave it blank May 31 a. Prepare a bank reconciliation as of May 31. Santiago Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjustments: Deposits not recorded by bank 25,645 Total adjustments Adjusted balance 20,915 Cash balance according to company's records Adjustments: Outstanding checks Deposits in transit Interest payable Note receivable Outstanding checks Proceeds of note and interest collected by bank b. Journalize the necessary entries. Record the entry to increase cash first. If an amount box does not require an entry, leave it blank. May 31 a. Prepare a bank reconciliation as of May 31. Santiago Co. Bank Reconciliation May 31 25,645 Cash balance according to bank statement Adjustments: Deposits not recorded by bank Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Outstanding checks Error in recording, check Ir Deposits in transit Error in recording check Interest payable Adjus Note receivable Outstanding checks b. Jo Jatries. Record the entry to increase cash first. If an amount box does not require an entry, leave it blank. May 31 a. Prepare a bank reconciliation as of May 31. Santiago Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjustments: Deposits not recorded by bank 25,645 Total adjustments Adjusted balance 20,915 Cash balance according to company's records Adjustments: Outstanding checks mi 0 Error in recording check Interest payable Bank service charges Deposits in transit Interest payable Note receivable b. ry entries. Record the entry to increase cash first. If an amount box does not require an entry, leave it blank. Outstanding checks May a. Prepare a bank reconciliation as of May 31. Santiago Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjustments: Deposits not recorded by bank Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Outstanding checks Error in recording check Interest payable Deposits in ansit Cash Deposits in transit Interest payable entries. Record the entry to increase cash first. If an amount box does not require an entry, leave it blank. Nonsufficient funds check Outstanding checks b. Journalize the necessary entries. Record the entry to increase cash first. If an amount box does not require an entry, leave it blank. May 31 31 c. If a balance sheet were prepared for Santiago Co. on May 31, what amount should be reported for cash