The cash records and bank statement for the month of May for Steal Magnolias Inc are shown below.

Steal Magnolias

Cash Account Records

May $1,2021,$ to May $31,2021$

Cash Balance Cash Balance

May $1,2021+$Cash Receipts $$ Cash Disbursements $=$ May $31,2021$

$$5,370$ $$11,590$ $$11,680$ $$5,280$

Cash Receipts Cash Disbursements

Date Desc. Amount Date Check# Desc. Amount

$5/3$ Sales $ $1,3705/7471$ Legal fees $ $1,210$

$5/10$ Sales $1,8005/12472$ Property tax $1,580$

$5/17$ Sales $2,4305/15473$ Salaries $3,510$

$5/24$ Sales $2,9005/22474$ Advertising $1,410$

$5/31$ Sales $3,0905/30475$ Supplies $460$

$5/31476$ Salaries $3,510$

$$11,590$ $ $11,680$

P$.$O$.$ Box $162647$ Wachovia Bank Member FDIC

Safefore, AL $74830$ We $$Watch Ova Ya$$

$(405)369-$CASH

Account Holder: Steal Magnolias Account Number: $7772854360$

$124$ Laundering Way,

Federal, PN $14834$ Statement Date: May $31,2021$

Account Summary

Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance

May $1,2021$ NO$.$ Total NO$.$ Total May $31,2021$

$$6,1707$ $$9,6729$ $$9,371$ $$6,471$

Account Details

Deposits and Credits Withdrawals and Debits Daily Balance

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

$5/4$ $ $1,370$ DEP $5/1469$ $ $460$ CHK $5/1$ $ $5,710$

$5/111,800$ DEP $5/2470340$ CHK $5/25,370$

$5/182,430$ DEP $5/94711,210$ CHK $5/46,740$

$5/201,100$ NOTE $5/11310$ NSF $5/95,530$

$5/2051$ INT $5/124721,580$ CHK $5/117,020$

$5/252,900$ DEP $5/184733,510$ CHK $5/125,440$

$5/3121$ INT $5/20510$ EFT $5/184,360$

$5/254741,410$ CHK $5/205,001$

$5/3141$ SF $5/256,491$

$ $9,672$ $$9,3715/31$ $ $6,471$

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 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 Steal Magnolias for payment

that should have been made on another account.

Steal Magnolias

Bank Reconciliation

May $31,2021$

Bank's Cash Balance Company's Cash Balance

Per bank statement Per general ledger

Bank balance per

reconciliation

Company balance per

reconciliation