The cash account for Brentwood Bike Co. at May 1 indicated a balance of $34,250. During May, the total cash deposited was $140,300, and checks written totaled $138,880. The bank statement indicated a balance of $43,525 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
2. Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles.
|A.||Checks outstanding totaled $6,440.|
|B.||A deposit of $1,850 representing receipts of May 31, had been made too late to appear on the bank statement.|
|C.||The bank had collected for Brentwood Bike Co. $5,250 on a note left for collection. The face of the note was $5,000.|
|D.||A check for $390 returned with the statement had been incorrectly charged by the bank as $930.|
|E.||A check for $210 returned with the statement had been recorded by Brentwood Bike Co. as $120. The check was for the payment of an obligation to Adkins Co. on account.|
|F.||Bank service charges for May amounted to $30.|
|G.||A check for $1,325 from Jennings Co. was returned by the bank due to insufficient funds.|
3. If a balance sheet were prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
CHART OF ACCOUNTS
Brentwood Bike Co.
112Accounts Receivable-Jennings Co.
192Accumulated Depreciation-Office Equipment
194Accumulated Depreciation-Store Equipment
211Accounts Payable-Adkins Co.
241Sales Tax Payable
510Cost of Merchandise Sold
515Credit Card Expense
516Cash Short and Over
534Office Supplies Expense
538Store Supplies Expense
561Depreciation Expense-Office Equipment
562Depreciation Expense-Store Equipment
Bank error in charging check as $390 instead of $930
Bank error in charging check as $930 instead of $390Bank service charges
Check returned because of insufficient funds
Company error in recording note collected by bank
Deposit of May 31, not recorded by bank
Error in recording check
Note and interest collected by bank
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