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The cash records and bank statement for the month of May for Copperfield Entertainment are shown below. COPPERFIELD ENTERTAINMENT Cash Account Records May 1, 2024,
The cash records and bank statement for the month of May for Copperfield Entertainment are shown below.
| COPPERFIELD ENTERTAINMENT | ||||||
|---|---|---|---|---|---|---|
| Cash Account Records | ||||||
| May 1, 2024, to May 31, 2024 | ||||||
| Cash Balance May 1, 2024 | + | Cash Receipts | Cash Disbursements | = | Cash Balance May 31, 2024 | |
| $5,380 | $11,540 | $11,620 | $5,300 | |||
| Cash Receipts | Cash Disbursements | |||||
| Date | Description | Amount | Date | Description | Memo | Amount |
| 5/3 | Sales | $1,360 | 5/7 | DC | Legal fees | $1,200 |
| 5/10 | Sales | 1,790 | 5/12 | DC | Property tax | 1,570 |
| 5/17 | Sales | 2,420 | 5/15 | DC | Salaries | 3,500 |
| 5/24 | Sales | 2,890 | 5/22 | DC | Advertising | 1,400 |
| 5/31 | Sales | 3,080 | 5/30 | CHK number 471 | Supplies | 450 |
| 5/31 | CHK number 472 | Salaries | 3,500 | |||
| $11,540 | $11,620 |
| P.O. Box 162647 Bowlegs, OK 74830 (405) 369-CASH | Midwest Bank Looking Out For You | Member FDIC | ||||||
|---|---|---|---|---|---|---|---|---|
| Account Holder: | Copperfield Entertainment 124 Saddle Blvd, Bowlegs, OK 74830 | Account Number: | 7772854360 | |||||
| Statement Date: | May 31, 2024 | |||||||
| Account Summary | ||||||||
| Beginning Balance May 1, 2024 | Deposits and Credits | Withdrawals and Debits | Ending Balance May 31, 2024 | |||||
| Number | Total | Number | Total | |||||
| $6,160 | 7 | $9,530 | 9 | $9,290 | $6,400 | |||
| Account Details | ||||||||
| Deposits and Credits | Withdrawals and Debits | Daily Balance | ||||||
| Date | Amount | Description | Date | Number | Amount | Description | Date | Amount |
| 5/4 | $1,360 | DEP | 5/1 | 469 | $450 | CHK | 5/1 | $5,710 |
| 5/11 | 1,790 | DEP | 5/2 | 470 | 330 | CHK | 5/2 | 5,380 |
| 5/18 | 2,420 | DEP | 5/7 | 1,200 | DC | 5/4 | 6,740 | |
| 5/20 | 1,000 | NOTE | 5/11 | 300 | NSF | 5/9 | 5,540 | |
| 5/20 | 50 | INT | 5/12 | 1,570 | DC | 5/11 | 7,030 | |
| 5/25 | 2,890 | DEP | 5/15 | 3,500 | DC | 5/12 | 5,460 | |
| 5/31 | 20 | INT | 5/20 | 500 | EFT | 5/18 | 4,380 | |
| 5/22 | 1,400 | DC | 5/20 | 4,930 | ||||
| 5/31 | 40 | SF | 5/25 | 6,420 | ||||
| $9,530 | $9,290 | 5/31 | $6,400 |
Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card
Additional information:
- The difference in the beginning balances in the companys records and the bank statement relates to checks number 469 and number 470, which are outstanding as of April 30, 2024 (prior month).
- The bank made the EFT on May 20 in error. The bank accidentally charged Copperfield for payment that should have been made on another account.
Required: 1. Prepare a bank reconciliation for Copperfield's checking account on May 31, 2024. 2. Record the necessary cash adjustments
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