Journalize the necessary entries

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.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

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.
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
2
3
4
5
6
7

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.

General Ledger

ASSETS

110Cash

111Petty Cash

112Accounts Receivable-Jennings Co.

131Notes Receivable

141Merchandise Inventory

145Office Supplies

146Store Supplies

151Prepaid Insurance

181Land

191Office Equipment

192Accumulated Depreciation-Office Equipment

193Store Equipment

194Accumulated Depreciation-Store Equipment

LIABILITIES

211Accounts Payable-Adkins Co.

221Notes Payable

222Interest Payable

231Salaries Payable

241Sales Tax Payable

EQUITY

310Owner, Capital

311Owner, Drawing

312Income Summary

REVENUE

410Sales

610Interest Revenue

EXPENSES

510Cost of Merchandise Sold

515Credit Card Expense

516Cash Short and Over

520Salaries Expense

531Advertising Expense

532Delivery Expense

533Insurance Expense

534Office Supplies Expense

535Rent Expense

536Repairs Expense

537Selling Expenses

538Store Supplies Expense

561Depreciation Expense-Office Equipment

562Depreciation Expense-Store Equipment

590Miscellaneous Expense

710Interest Expense

Amount Descriptions

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

Outstanding checks

Note and interest collected by bank

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