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Problem 4-3A Prepare the bank reconciliation and record cash adjustments (LO5)
[The following information applies to the questions displayed below.]
| The cash records and bank statement for the month of May for Diaz Entertainment are shown below. |
| DIAZ ENTERTAINMENT Cash Account Records May 1, 2015, to May 31, 2015 |
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| Cash Balance May 1, 2015 |
+ | Deposits | – | Checks | = | Cash Balance May 31, 2015 |
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| $5,280 | $12,040 | $12,220 | $5,100 | ||||
| Deposits | Checks | ||||||
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| Date | Desc. | Amount | Date | No. | Desc. | Amount | |
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| 5/3 | Sales | $ 1,460 | 5/7 | 471 | Legal fees | $ 1,300 | |
| 5/10 | Sales | 1,890 | 5/12 | 472 | Property tax | 1,670 | |
| 5/17 | Sales | 2,520 | 5/15 | 473 | Salaries | 3,600 | |
| 5/24 | Sales | 2,990 | 5/22 | 474 | Advertising | 1,500 | |
| 5/31 | Sales | 3,180 | 5/30 | 475 | Supplies | 550 | |
| 5/31 | 476 | Salaries | 3,600 | ||||
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| $12,040 | $12,220 | ||||||
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| 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, 2015 |
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| Beginning Balance | Deposits and Credits | Withdrawals and Debits |
Ending Balance | ||||||
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| May 1, 2015 | No. | Total | No. | Total | May 31, 2015 | ||||
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| $ 6,260 | 7 | $ 10,050 | 9 | $ 10,100 | $ 6,210 | ||||
| Deposits and Credits | Withdrawals and Debits | Daily Balance | ||||||||
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| Date | Amount | Desc. | Date | No. | Amount | Desc. | Date | Amount |
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| 5/4 | $ 1,460 | DEP | 5/1 | 469 | $ 550 | CHK | 5/1 | $ 5,710 |
| 5/11 | 1,890 | DEP | 5/2 | 470 | 430 | CHK | 5/2 | 5,280 |
| 5/18 | 2,520 | DEP | 5/9 | 471 | 1,300 | CHK | 5/4 | 6,740 |
| 5/20 | 1,100 | NOTE | 5/11 | 400 | NSF | 5/9 | 5,440 | |
| 5/20 | 60 | INT | 5/12 | 472 | 1,670 | CHK | 5/11 | 6,930 |
| 5/25 | 2,990 | DEP | 5/18 | 473 | 3,600 | CHK | 5/12 | 5,260 |
| 5/31 | 30 | INT | 5/20 | 600 | EFT | 5/18 | 4,180 | |
| 5/25 | 474 | 1,500 | CHK | 5/20 | 4,740 | |||
| 5/31 | 50 | SF | 5/25 | 6,230 | ||||
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5/31 | $ 6,210 | |||||
| $ 10,050 | $10,100 | |||||||
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| 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, 2015. |
| 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. |
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