The cash records and bank statement for the month of May for Diaz Entertainment are shown below DIAZ ENTERTAINMENT Cash Account Records May 1, 2018, to May 31, 2018 Cash Balance May 1, 2018 Deposits Checks Cash Balance May 31, 2018 $5,330 $11,790 $11,920 $5,200 Deposits Checks Date Desc Amount Date No Desc Amount 5 3 Sales $ 1,410 5 7 471 Legal fees $ 1,250 5 10 Sales 1,840 5 12 472 Property tax 1,620 5 17 Sales 2,470 5 15 473 Salaries 3,550 5 24 Sales 2,940 5 22 474 Advertising 1,450 5 31 Sales 3,130 5 30 475 Supplies 500 5 31 476 Salaries 3,550 $11,790 $11,920 P O Box 162647 Bowlegs, OK 74830 (405) 369 CASH MIDWEST BANK Looking Out For You Member FDIC Account Holder Diaz Entertainment 124 Saddle Blvd Bowlegs, OK 74830 Account Number Statement Date 7772854360 May 31, 2018 Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance May 1, 2018 No Total No Total May 31, 2018 $ 6,210 7 $ 9,940 9 $ 9,695 $ 6,455 Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc Date No Amount Desc Date Amount 5 4 $ 1,410 DEP 5 1 469 $ 500 CHK 5 1 $ 5,710 5 11 1,840 DEP 5 2 470 380 CHK 5 2 5,330 5 18 2,470 DEP 5 9 471 1,250 CHK 5 4 6,740 5 20 1,200 NOTE 5 11 350 NSF 5 9 5,490 5 20 55 INT 5 12 472 1,620 CHK 5 11 6,980 5 25 2,940 DEP 5 18 473 3,550 CHK 5 12 5,360 5 31 25 INT 5 20 550 EFT 5 18 4,280 5 25 474 1,450 CHK 5 20 4,985 5 31 45 SF 5 25 6,475 5 31 $ 6,455 $ 9,940 $9,695 Desc DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer Additional information a The difference in the beginning balances in the companys records and the bank statement relates to checks 469 and 470, which are outstanding as of April 30, 2018 (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 1 Prepare a bank reconciliation for Diaz's checking account on May 31, 2018 ( Amounts to be deducted should be indicated with a minus sign Total entries to the same account together when entering in the bank reconciliation ) DIAZ ENTERTAINMENT Bank Reconciliation May 31, 2018 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation 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 )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 25, 2024

The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2018,

The cash records and bank statement for the month of May for Diaz Entertainment are shown below.

DIAZ ENTERTAINMENT Cash Account Records May 1, 2018, to May 31, 2018
Cash Balance May 1, 2018	+	Deposits	Checks	=	Cash Balance May 31, 2018

$5,330		$11,790	$11,920		$5,200

Deposits			Checks

Date	Desc.	Amount	Date	No.	Desc.	Amount

5/3	Sales	$ 1,410	5/7	471	Legal fees	$ 1,250
5/10	Sales	1,840	5/12	472	Property tax	1,620
5/17	Sales	2,470	5/15	473	Salaries	3,550
5/24	Sales	2,940	5/22	474	Advertising	1,450
5/31	Sales	3,130	5/30	475	Supplies	500
			5/31	476	Salaries	3,550

		$11,790				$11,920

P.O. Box 162647 Bowlegs, OK 74830 (405) 369-CASH	MIDWEST BANK Looking Out For You		Member FDIC

Account Holder:	Diaz Entertainment 124 Saddle Blvd. Bowlegs, OK 74830	Account Number: Statement Date:	7772854360 May 31, 2018

Beginning Balance	Deposits and Credits		Withdrawals and Debits		Ending Balance

May 1, 2018	No.	Total	No.	Total	May 31, 2018

$ 6,210	7	$ 9,940	9	$ 9,695	$ 6,455

Deposits and Credits				Withdrawals and Debits					Daily Balance

Date	Amount	Desc.	Date	No.	Amount	Desc.	Date	Amount

5/4	$ 1,410	DEP	5/1	469	$ 500	CHK	5/1	$ 5,710
5/11	1,840	DEP	5/2	470	380	CHK	5/2	5,330
5/18	2,470	DEP	5/9	471	1,250	CHK	5/4	6,740
5/20	1,200	NOTE	5/11		350	NSF	5/9	5,490
5/20	55	INT	5/12	472	1,620	CHK	5/11	6,980
5/25	2,940	DEP	5/18	473	3,550	CHK	5/12	5,360
5/31	25	INT	5/20		550	EFT	5/18	4,280
			5/25	474	1,450	CHK	5/20	4,985
			5/31		45	SF	5/25	6,475
							5/31	$ 6,455
	$ 9,940				$9,695

Desc. DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSFNonsufficient funds EFT Electronic funds transfer

Additional information:

a. The difference in the beginning balances in the companys records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2018 (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.

1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2018. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)

DIAZ ENTERTAINMENT
Bank Reconciliation
May 31, 2018
Bank's Cash Balance		Company's Cash Balance
Per bank statement		Per general ledger





Bank balance per reconciliation		Company balance per reconciliation

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.)