Question

Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 31, 2021 $5,360 May 1, 2021 + Cash Receipts $5,410 $11, 390 Cash Receipts Date Desc. Amount 5/3 Sales $ 1,330 Sales 1,760 5/17 Sales 2,390 5/24 Sales 2,860 5/31 Sales 3,850 Cash Disbursements $11,440 Cash Disbursements Check Desc. 471 Legal fees 472 Property tax 473 Salaries 474 Advertising 475 Supplies 476 Salaries Date 5/7 5/12 5/15 5/22 5/30 5/31 5/10 Amount $ 1,170 1,548 3,47€ 1,370 428 3,470 $11,440 $11,390 Member FDIC 7772854369 May 31, 2021 Ending Balance May 31, 2021 $6,587 P.O. Box 162647 Midwest Bank Bowlegs, OK 74830 Looking Out For You (485) 369-CASH Account Holder: Diaz Entertainment Account Number: 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: Account Summary Beginning Balance Deposits and Credits Withdrawals and Debits May 1, 2021 NO Total NO. Total $6,13 7 $9,584 $9,847 Account Details Deposits and Credits Withdrawals and Debits Date Amount Desc. No. Amount Desc. 5/4 $1,330 DEP 5/1 469 $ 420 CHK 5/11 1,760 DEP 5/2 470 380 CHK 5/18 2,390 DEP 5/9 471 1,170 CHK 5/20 1,180 NOTE 5/11 270 NSF 5/20 47 INT 5/12 472 1,540 CHK 5/25 2,860 DEP 5/18 473 3,470 CHK 5/31 17 INT 5/20 470 EFT 5/25 474 1,370 CHK 5/31 37 SF $ 9,584 $9,847 Date Daily Balance Date Amount 5/1 $5,710 5/2 5,410 5/4 6,740 5/9 5,570 5/11 7,060 5/12 5,520 5/18 4,440 5/20 5,117 5/25 6,607 5/31 $6,587 Desc. DEP Customer deposit NOTE Note collected EFT Electronic funds transfer INT Interest earned CHK Customer check SF Service fees NSF Nonsufficient funds 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 Diaz for payment that should have been made on another account.

Answer 1

DIAZ ENTERTAINMENT
Bank Reconciliation
MAY 31 , 2021
Bank's Cash Balance	Company's Cash Balance
Per bank statement	6,587	per general ledger	5,360
Deposits Outstanding	3,050	Interest earned	64
Bank Error	470	Note Collected	1,100
Checks Outstanding	(3,890)	NSF Check	(270)
		Service Fees	(37)
Adjusted Bank Balance	6,217	Adjusted Book Balance	6,217