Bank Reconciliation and Entries
The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,410. During May, the total cash deposited was $72,900 and checks written totaled $67,690. The bank statement indicated a balance of $24,710 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
1. Prepare a bank reconciliation as of May 31.
|Brentwood Bike Co.|
|Cash balance according to bank statement||$|
|Cash balance according to company's records||$|
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.
|a. May 31|
|b. May 31|
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