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Bank Statement MARTIN COMPANY Bank Reconciliation At May 31 Company's Books

Bank Statement MARTIN COMPANY Bank Reconciliation At May 31 Company's Books

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1PB
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The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and the May T-account for cash showed the transactions listed below. Martin Company's bank reconciliation at the end of April showed a cash balance of $19,600. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17-Interest Earned May 22-NSF cheque May 29 May 31-Service charges Balance, May 31 May 1 May 1 May 7 May 29 Balance May 31 Balance Deductions: View transaction list + Cash (A) - 19,600 8,800 Bank Statement Ending balance per bank statement Additions: 10,000 4,800 Required: 1. Prepare a bank reconciliation for May. 18,440 Date May 17 Journal entry worksheet < A B C Record entry C) Note: Enter debits before credits. 11,800 5,600 580 5,400 1,380 $ General Journal Withdrawals Deposits Other Balance $19,600 $ 8,800 Clear entry 301 $11,800 # 302 5,600 # 303 # 304 580 0 5,400 May 02 May 04 May 11 May 30 May 29 a) Record the interest earned on May 17. b) Record the entry for NSF cheque noted on May 22. Record the bank service charges incurred on May 31. 10,000 MARTIN COMPANY Bank Reconciliation At May 31 Up-to-date cash balance 0 Up-to-date cash balance 2. Prepare any journal entries required as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) #301 #302 #303 #304 #305 Deductions: Debit $ 128 360 68 Company's Books Ending balance per Cash account Additions: Credit 28,400 16,600 11,000 21,000 20,420 20,548 View general journal 20,188 14,788 14,720 14,720 $ 0 0 0
Transcribed Image Text:The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and the May T-account for cash showed the transactions listed below. Martin Company's bank reconciliation at the end of April showed a cash balance of $19,600. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17-Interest Earned May 22-NSF cheque May 29 May 31-Service charges Balance, May 31 May 1 May 1 May 7 May 29 Balance May 31 Balance Deductions: View transaction list + Cash (A) - 19,600 8,800 Bank Statement Ending balance per bank statement Additions: 10,000 4,800 Required: 1. Prepare a bank reconciliation for May. 18,440 Date May 17 Journal entry worksheet < A B C Record entry C) Note: Enter debits before credits. 11,800 5,600 580 5,400 1,380 $ General Journal Withdrawals Deposits Other Balance $19,600 $ 8,800 Clear entry 301 $11,800 # 302 5,600 # 303 # 304 580 0 5,400 May 02 May 04 May 11 May 30 May 29 a) Record the interest earned on May 17. b) Record the entry for NSF cheque noted on May 22. Record the bank service charges incurred on May 31. 10,000 MARTIN COMPANY Bank Reconciliation At May 31 Up-to-date cash balance 0 Up-to-date cash balance 2. Prepare any journal entries required as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) #301 #302 #303 #304 #305 Deductions: Debit $ 128 360 68 Company's Books Ending balance per Cash account Additions: Credit 28,400 16,600 11,000 21,000 20,420 20,548 View general journal 20,188 14,788 14,720 14,720 $ 0 0 0
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