Problem #6016; Bank Reconciliation OBJECTIVE
The cash account of Dixon Products reveals the following information:
Balance 480 H.300
Deposits during May 31600 4L620 Chocks written during May SHOW ME H01!
The bank statement for May contains the following information:
Bank balance, 450 $ 11.75!)
Add: Deposits during May 37.250
55 49.000
Less: Checks paid during May $140,230]
NSF check from Fmiin Inc. (190]
Bank service charges (40] [40460)
Bank balance, SBI $ 8,540
(Continued)
A mmpafison of detailed company records with the bank statement indicates the following Mommfion:
Al 4.50 At 531
Deposit in transit $800 Shift
Outstanding chocks T50 2‘E40
The bank amounts are determined to be correct.
Required:
1. Prepare a bank reconciliation for May.
2. Prepare the adjusting entries made by Dixon as a result of the reconciliation process.
3. What amount is reported for cash on the balance sheet at May 31?
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