Required information PA5-2 Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4, LO 5-5] [The following information applies to the questions displayed below.]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 $15,700. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Deposits Other Balance Balance, May 1 $ 15,700 May 2 $ 6,000 21,700 May 5 #301 $ 9,000 12,700 May 7 #302 4,600 8,100 May 8 8,000 16,100 May 14 #303 430 15,670 May 17 Interest $ 85 15,755 May 22 NSF check 210 15,545 May 27 #304 3,900 11,645 May 31 Service charge 45 11,600 Balance, May 31 11,600 Cash (A) May 1 Balance 15,700 May 1 6,000 9,000 #301 May 2 May 7 8,000 4,600 #302 May 4 May 29 4,600 430 #303 May 11 3,900 #304 May 23 600 #305 May 29 May 31 Balance 15,770 PA5-2 Part 1 Required: Prepare a bank reconciliation for May. Next Visit question map Question 9 linked to 10 11 and 12of16Total9

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 47E

See similar textbooks

Required information

PA5-2 Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4, LO 5-5]

[The following information applies to the questions displayed below.]

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 $15,700. No deposits were in transit at the end of April, but a deposit was in transit at the end of May.

BANK STATEMENT
	Checks	Deposits	Other	Balance
Balance, May 1									$	15,700
May 2				$	6,000					21,700
May 5	#301	$	9,000							12,700
May 7	#302		4,600							8,100
May 8					8,000					16,100
May 14	#303		430							15,670
May 17						Interest	$	85		15,755
May 22						NSF check		210		15,545
May 27	#304		3,900							11,645
May 31						Service charge		45		11,600
Balance, May 31										11,600

Cash (A)
May 1 Balance	15,700
May 1	6,000	9,000	#301	May 2
May 7	8,000	4,600	#302	May 4
May 29	4,600	430	#303	May 11
		3,900	#304	May 23
		600	#305	May 29
May 31 Balance	15,770

PA5-2 Part 1

Required:

Prepare a bank reconciliation for May.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions