The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Cash Balance $5,300 Date DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Disbursements $12,100 Cash Disbursements Desc. Cash May 1, 2021 + Receipts $11,940 Cash Receipts Desc. Amount Date Check# 5/3 Sales $ 1,440 5/7 471 5/10 Sales 1,870 5/12 472 5/17 Sales 2,500 5/15 473 5/24 Sales 2,970 5/22 474 5/31 Sales 3,160 5/30 475 Supplies 5/31 476 Salaries $11,940 Legal fees Property tax Salaries Advertising Cash Balance May 31, 2021 $5,140 Amount $ 1,280 1,650 3,580 1,480 530 3,580 $12,100 Beginning Balance: May 1, 2021 $6,240 Deposits and Credits P.O. Box 162647 Bowlegs, OK 74830 (405) 369-CASH Account Holder: Midwest Bank Looking Out For You Diaz Entertainment 124 Saddle Blvd, Bowlegs, OK 74830 Account Number: Statement Date: Account Summary Deposits and Credits Withdrawals and Debits NO. 7 Total $10,066 NO. 9 Total $9,938 Member FDIC 7772854360 May 31, 2021 Ending Balance May 31, 2021 $6,368 Account Details Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 5/4 $ 1,440 DEP 5/1 469 $ 530 CHK 5/1 $5,710 5/11 1,870 DEP 5/2 470 410 CHK 5/2 5,300 5/18 2,500 DEP 5/9 471 1,280 CHK 5/4 6,740 5/20 1,200 NOTE 5/11 380 NSF 5/9 5,460 5/20 58 INT 5/12 472 1,650 CHK 5/11 I 6,950 5/25 2,970 DEP 5/18 473 3,580 CHK 5/12 5,300 5/31 28 INT 5/20 580 EFT 5/18 4,220 5/25 474 1,480 CHK 5/20 4,898 5/31 $10,066 48 $9,938 SP 5/25 6,388 5/31 $6,368 Desc. DEP Customer deposit NOTE Note collected. INT Interest earned CEK Customer check EFT Electronic funds transfer Additional information: SF Service fees NSF Nonsufficient funds Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to checks # 469 and #470, which are outstanding as of April 30, 2021 (prior month). b. The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account. Required: 1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2021. (Amounts to be deducted should be indicate minus sign. Total entries to the same account together when entering in the bank reconciliation.) DIAZ ENTERTAINMENT Bank Reconciliation May 31, 2021 Bank's Cash Balance. Company's Cash Balance Per bank statement $ 6,297 Per general ledger $ 5,160 Deposits outstanding 3,150 Interest earned 27 Bank error 570 Note collected 1,157 x Checks outstanding (4,090) Service fees (47) NSF check (370) Bank balance per reconciliation $ 5,927 Company balance per reconciliation $ 5,927 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list Journal entry worksheet 1 2 Record the amounts that increase cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit