BUSINESS

Abby Timmons

ACC 201 – FINANCIAL ACCOUNTING: SPRING 2015; Section 3001, WebCollege
CHAPTER 4 PROBLEMS
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The cash records and bank statement for the month of May for Diaz Entertainment are shown below.
DIAZ ENTERTAINMENT
Cash Account Records
May 1, 2015, to May 31, 2015
Cash Balance
May 1, 2015
+ Deposits Checks = Cash Balance
May 31, 2015




$5,370 $11,590 $11,680 $5,280
Deposits Checks


Date Desc. Amount Date No. Desc. Amount







   5/3 Sales $  1,370    5/7 471     Legal fees $  1,210
   5/10 Sales 1,800    5/12 472     Property tax 1,580
   5/17 Sales 2,430    5/15 473     Salaries 3,510
   5/24 Sales 2,900    5/22 474     Advertising 1,410
   5/31 Sales 3,090    5/30 475     Supplies 460
   5/31 476     Salaries 3,510


$11,590 $11,680





   P.O. Box 162647
Bowlegs, OK 74830
(405) 369-CASH
MIDWEST BANK
Looking Out For You
Member FDIC
  Account Holder:      Diaz Entertainment
124 Saddle Blvd.
Bowlegs, OK 74830
Account Number:

Statement Date:

7772854360

May 31, 2015





Beginning Balance Deposits and Credits Withdrawals
and Debits
Ending Balance


May 1, 2015 No. Total No. Total May 31, 2015







$ 6,170 7 $ 9,672 9 $ 9,371 $ 6,471
Deposits and Credits Withdrawals and Debits Daily Balance



Date Amount Desc. Date No. Amount Desc. Date Amount









     5/4 $ 1,370     DEP      5/1 469 $  460   CHK      5/1 $ 5,710
     5/11 1,800     DEP      5/2 470 340   CHK      5/2 5,370
     5/18 2,430     DEP      5/9 471 1,210   CHK      5/4 6,740
     5/20 1,100     NOTE      5/11 310   NSF      5/9 5,530
     5/20 51     INT      5/12 472 1,580   CHK      5/11 7,020
     5/25 2,900     DEP      5/18 473 3,510   CHK      5/12 5,440
     5/31 21     INT      5/20 510   EFT      5/18 4,360
     5/25 474 1,410   CHK      5/20 5,001
     5/31 41   SF      5/25 6,491


     5/31 $ 6,471
$ 9,672 $9,371





Desc. DEP Customer deposit INT Interest earned SF Service fees
NOTE Note collected CHK Customer check NSF Nonsufficient funds
EFT Electronic funds transfer
     Additional information:
a. The difference in the beginning balances in the company’s records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2015.
b. The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account.
 1.
Required:
1. Prepare a bank reconciliation for Diaz’s checking account on May 31, 2015. (Total entries to the same account together when entering in the bank reconciliation and journal entry carousel.)

rev: 10_28_2014_QC_57681

 2.
2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

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