Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Date Checks Deposits Other Balance May 1 $ 460
Use the following bank statement and T-account to prepare the May 31 bank reconciliation.
| BANK STATEMENT | |||||||||||
| Date | Checks | Deposits | Other | Balance | |||||||
| May 1 | $ | 460 | |||||||||
| 4 | #2 | $ | 75 | $ | 115 | 500 | |||||
| 12 | #4 | 165 | NSF Check $115 | 220 | |||||||
| 28 | #5 | 85 | 135 | ||||||||
| 30 | #6 | 80 | 460 | 515 | |||||||
| May 31 | #8 | 120 | Service charge 70 | 325 | |||||||
| Cash (A) |
| May 1 | 460 | |||
| May 3 | 115 | 75 | May 3 #2 | |
| 75 | May 4 #3 | |||
| 165 | May 8 #4 | |||
| 85 | May 11 #5 | |||
| 80 | May 21 #6 | |||
| May 29 | 460 | 90 | May 29 #7 | |
| May 30 | 280 | 120 | May 30 #8 | |
| May 31 | 625 | |||
Bank Reconciliation
| May 31 | |||||
| Bank Statement | Company's Books | ||||
| Ending Balance per Bank Statement | Ending Balance per Cash Account | ||||
| Additions: | Additions: | ||||
| Deductions: | Deductions: | ||||
| Up-to-Date Cash Balance | Up-to-Date Cash Balance | ||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Strategic Management Theory And Cases An Integrated Approach
Authors: Charles W. L. Hill, Melissa A. Schilling, Gareth R. Jones
13th Edition
0357033841, 978-0357033845
