The following information applies to the questions displayed below.) The bookkeeper at Martin Company has asked...

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The following information applies to the questions displayed below.) The bookkeeper at Martin Company has asked...

The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized).

Martin Company's bank reconciliation at the end of April showed a cash balance of $19,700. No deposits were in transit at the end of April, but a deposit was in transit at the end of May.

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.)

business accounting

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Answer 1

Answer #1

Transaction	General Journal	Debit	Credit
1	Cash	$140
	Interest Revenue		$140
	*(To record the interest received from the bank)*

Transaction	General Journal	Debit	Credit
2	Accounts Receivables	$300
	Cash		$300
	*(To record the NSF check)*

Transaction	General Journal	Debit	Credit
3	Bank Service charge expense / Miscelleneous expense	$70
	Cash		$70
	*(To record bank service charge)*

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Answer 2

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The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized).