Problem 4-603 Bank Reconciliation OBJECTIVE o
The cash account of Mason Prodmsts reveals the following information:
Balance, N30 l0.100
Deposits during May 39.600 40.000 Checks written during May SHD‘I' "E HOW
The bank statement for Ma).r contains the following information:
Bank balance, 480 $ 9,750
Add: Deposits during May 37,400
$ 47,150
Less: Checks paid during May $(38,500)
NSF check from Higgins Inc. (140)
Bank service charges (60) (38,700)
Bank balance, SE31 3 8,450
A comparison of detailed company records with the bank statement indicates the following information:
At #30 Al 5131
Deposit in transit $900 $3, [00
Outstanding checks 550 2,050
The bank amounts are determined to be correct.
Required:
1. Prepare a bank reconciljaLion for May.
2. Prepare the adjusting entries made by Mason Products as a result of the reconciliation process.
3. What amount is reported for cash on the balance sheet at Mar, 3l?
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