Accounting
Accounting
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ACC 201 – FINANCIAL ACCOUNTING: SPRING 2015; Section 3001, WebCollege
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CHAPTER 4 PROBLEMS
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instructions | help |
Time remaining: 5:55:05
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[The following information applies to the questions displayed below.]
| 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 |
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| Cash Balance May 1, 2015 |
+ | Deposits | – | Checks | = | Cash Balance May 31, 2015 |
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| $5,370 | $11,590 | $11,680 | $5,280 | ||||
| Deposits | Checks | ||||||
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| Date | Desc. | Amount | Date | No. | Desc. | Amount | |
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| 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 | ||||
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| $11,590 | $11,680 | ||||||
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| 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 |
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| Beginning Balance | Deposits and Credits | Withdrawals and Debits |
Ending Balance | ||||||
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| May 1, 2015 | No. | Total | No. | Total | May 31, 2015 | ||||
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| $ 6,170 | 7 | $ 9,672 | 9 | $ 9,371 | $ 6,471 | ||||
| Deposits and Credits | Withdrawals and Debits | Daily Balance | ||||||||
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| Date | Amount | Desc. | Date | No. | Amount | Desc. | Date | Amount |
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| 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 | ||||
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5/31 | $ 6,471 | |||||
| $ 9,672 | $9,371 | |||||||
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| 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.
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| 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
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| 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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