Required information [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) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 # 304 Checks Total Amount of Cash and Cash Equivalents $ 12,000 7,200 560 Cash (A) 21,500 9,000 11,000 7,200 5,200 21,840 BANK STATEMENT Deposits $ 9,000 12,000 7,200 560 5,200 1,900 11,000 Interest earned NSF check Service charge Credit Other # 301 May 2 # 302 May 4 #303 May 11 # 304 May 23 # 305 May 29 $ 180 340 90 Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 21,920 21,580 16,380 16,290 16,290 4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?
Required information [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) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 # 304 Checks Total Amount of Cash and Cash Equivalents $ 12,000 7,200 560 Cash (A) 21,500 9,000 11,000 7,200 5,200 21,840 BANK STATEMENT Deposits $ 9,000 12,000 7,200 560 5,200 1,900 11,000 Interest earned NSF check Service charge Credit Other # 301 May 2 # 302 May 4 #303 May 11 # 304 May 23 # 305 May 29 $ 180 340 90 Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 21,920 21,580 16,380 16,290 16,290 4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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Question
![Required information
[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) are below.
Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at
the end of April, but a deposit was in transit at the end of May.
Balance, May 1
May 2
May 5
May 7
May 8
May 14
May 17
May 22
May 27
May 31
Balance, May 31
May 1
May 1
May 7
May 29
May 31
Debit
Balance
Balance
#301
#302
#303
# 304
Checks
Total Amount of Cash and Cash Equivalents
$ 12,000
7,200
560
Cash (A)
21,500
9,000
11,000
7,200
5,200
21,840
BANK STATEMENT
Deposits
$ 9,000
12,000
7,200
560
5,200
1,900
11,000
Interest earned
NSF check
Service charge
Credit
Other
# 301 May 2
# 302 May 4
#303 May 11
# 304 May 23
# 305 May 29
$ 180
340
90
Balance
$ 21,500
30,500
18,500
11,300
22,300
21,740
21,920
21,580
16,380
16,290
16,290
4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total
amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faf8b01f7-362a-45ac-872b-36f3b2f39685%2Ff83b36e2-f1ea-4264-9f4b-b81efd958c32%2Ff2f0zke_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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) are below.
Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at
the end of April, but a deposit was in transit at the end of May.
Balance, May 1
May 2
May 5
May 7
May 8
May 14
May 17
May 22
May 27
May 31
Balance, May 31
May 1
May 1
May 7
May 29
May 31
Debit
Balance
Balance
#301
#302
#303
# 304
Checks
Total Amount of Cash and Cash Equivalents
$ 12,000
7,200
560
Cash (A)
21,500
9,000
11,000
7,200
5,200
21,840
BANK STATEMENT
Deposits
$ 9,000
12,000
7,200
560
5,200
1,900
11,000
Interest earned
NSF check
Service charge
Credit
Other
# 301 May 2
# 302 May 4
#303 May 11
# 304 May 23
# 305 May 29
$ 180
340
90
Balance
$ 21,500
30,500
18,500
11,300
22,300
21,740
21,920
21,580
16,380
16,290
16,290
4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total
amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?
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