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 Cash Balance May 1, 2015 + Deposits – Checks = Cash Balance May 31, 2015 $5,320 $11,840 $11,980 $5,180 Deposits Checks Date Desc. Amount Date No. Desc. Amount 5/3 Sales $ 1,420 5/7 471 Legal fees $ 1,260 5/10 Sales 1,850 5/12 472 Property tax 1,630 5/17 Sales 2,480 5/15 473 Salaries 3,560 5/24 Sales 2,950 5/22 474 Advertising 1,460 5/31 Sales 3,140 5/30 475 Supplies 510 5/31 476 Salaries 3,560 $11,840 $11,980 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 Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance May 1, 2015 No. Total No. Total May 31, 2015 $ 6,220 7 $ 9,782 9 $ 9,776 $ 6,226 Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 5/4 $ 1,420 DEP 5/1 469 $ 510 CHK 5/1 $ 5,710 5/11 1,850 DEP 5/2 470 390 CHK 5/2 5,320 5/18 2,480 DEP 5/9 471 1,260 CHK 5/4 6,740 5/20 1,000 NOTE 5/11 360 NSF 5/9 5,480 5/20 56 INT 5/12 472 1,630 CHK 5/11 6,970 5/25 2,950 DEP 5/18 473 3,560 CHK 5/12 5,340 5/31 26 INT 5/20 560 EFT 5/18 4,260 5/25 474 1,460 CHK 5/20 4,756 5/31 46 SF 5/25 6,246 5/31 $ 6,226 $ 9,782 $9,776 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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