Abby Timmons ACC 201 – FINANCIAL ACCOUNTING: SPRING 2015; Section 3001, WebCollege CHAPTER 4 PROBLEMS instructions | help Time remaining: 5:55:05 Use the pop up button to bring up the information needed to answer this question. [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 $5,370 $11,590 $11,680 $5,280 Deposits Checks Date Desc. Amount Date No. Desc. Amount 5/3 Sales $ 1,370 5/7 471 Legal fees $ 1,210 5/10 Sales 1,800 5/12 472 Property tax 1,580 5/17 Sales 2,430 5/15 473 Salaries 3,510 5/24 Sales 2,900 5/22 474 Advertising 1,410 5/31 Sales 3,090 5/30 475 Supplies 460 5/31 476 Salaries 3,510 $11,590 $11,680 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 $ 6,170 7 $ 9,672 9 $ 9,371 $ 6,471 Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 5/4 $ 1,370 DEP 5/1 469 $ 460 CHK 5/1 $ 5,710 5/11 1,800 DEP 5/2 470 340 CHK 5/2 5,370 5/18 2,430 DEP 5/9 471 1,210 CHK 5/4 6,740 5/20 1,100 NOTE 5/11 310 NSF 5/9 5,530 5/20 51 INT 5/12 472 1,580 CHK 5/11 7,020 5/25 2,900 DEP 5/18 473 3,510 CHK 5/12 5,440 5/31 21 INT 5/20 510 EFT 5/18 4,360 5/25 474 1,410 CHK 5/20 5,001 5/31 41 SF 5/25 6,491 5/31 $ 6,471 $ 9,672 $9,371 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. 1. Required: 1. Prepare a bank reconciliation for Diaz’s checking account on May 31, 2015. (Total entries to the same account together when entering in the bank reconciliation and journal entry carousel.) rev: 10_28_2014_QC_57681 check my workebook & resources 2. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) check my workebook & resources ©2015 McGraw-Hill Education. All rights reserved.
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