The cash records and bank statement for the month of May for Daniels Entertainment are shown below. Cash Balance Cash May 1, 2024 Receipts $5,480 + $11,040 Cash Receipts DANIELS ENTERTAINMENT Cash Account Records May 1, 2024, to May 31, 2024 Cash Disbursements $11,020 Cash Disbursements Date Description Amount Date Description 5/3 Sales $1,260 5/7 DC 5/10 Sales 1,690 5/12 DC 5/17 Sales 2,320 5/15 DC 5/24 Sales 5/31 Sales 2,790 5/22 2,980 5/30 5/31 DC CHK number 471 CHK number 472 $11,040 Memo Legal fees Property tax Salaries Advertising Supplies Salaries Cash Balance May 31, 2024 $5,500 Amount $1,100 1,470 3,400 1,300 350 3,400 $11,020 P.O. Box 162647 Bowlegs, OK 74830 (405) 369-CASH Account Holder: Daniels Entertainment 124 Saddle Blvd, Bowlegs, OK 74830 Midwest Bank Looking Out For You Member FDIC Account Number: Statement Date: Account Summary Beginning Balance May 1, 2024 $6,060 Deposits and Credits Deposits and Credits Withdrawals and Debits Number 7 Total $9,310 Number 9 Total $8,480 7772854360 May 31, 2024 Ending Balance May 31, 2024 $6,890 Account Details Withdrawals and Debits Daily Balance Date Amount Description Date Number Amount Description Date Amount 5/4 $1,260 DEP 5/1 469 $350 CHK 5/1 $5,710 5/11 1,690 DEP 5/2 470 230 CHK 5/2 5,480 5/18 2,320 DEP 5/7 1,100 DC 5/4 6,740 5/20 1,200 NOTE 5/11 200 NSF 5/9 5,640 5/20 40 INT 5/12 1,470 DC 5/11 7,130 5/25 2,790 DEP 5/15 3,400 DC 5/12 5,660 5/31 10 INT 5/20 400 EFT 5/18 4,580 5/22 1,300 DC 5/20 5,420 5/31 30 SF 5/25 6,910 $9,310 $8,480 5/31 $6,890 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: a. The difference in the beginning balances in the company's records and the bank statement relates to checks number 469 and number 470, which are outstanding as of April 30, 2024 (prior month). b. The bank made the EFT on May 20 in error. The bank accidentally charged Daniels for payment that should have been made on another account. Required: 1. Prepare a bank reconciliation for Daniels's checking account on May 31, 2024. 2. Record the necessary cash adjustments. Bank's Cash Balance Per bank statement Deposits outstanding Checks outstanding Bank error DANIELS ENTERTAINMENT Bank Reconciliation May 31, 2021 Company's Cash Balance $ 6,890 Per general ledger $ 5,500 Note collected Interest earned Service fees NSF check Bank balance per reconciliation Company balance per reconciliation A B Record the amounts that increase cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry > > A B Record the amounts that decrease cash. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit View general journal Record entry Clear entry