Problem 4-3a prepare the bank reconciliation and record cash

Problem 4-3a prepare the bank reconciliation and record cash

Problem 4-3A Prepare the bank reconciliation and record cash adjustments (LO5)

[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.


Cash Account Records
May 1, 2015, to May 31, 2015
Cash Balance
May 1, 2015
+ Deposits Checks = Cash Balance
May 31, 2015

$5,320 $11,840 $11,980 $5,180
Deposits Checks

Date Desc. Amount Date No. Desc. Amount

   5/3 Sales $  1,420    5/7 471     Legal fees $  1,260
   5/10 Sales 1,850    5/12 472     Property tax 1,630
   5/17 Sales 2,480    5/15 473     Salaries 3,560
   5/24 Sales 2,950    5/22 474     Advertising 1,460
   5/31 Sales 3,140    5/30 475     Supplies 510
   5/31 476     Salaries 3,560

$11,840 $11,980


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

Statement Date:


May 31, 2015

Beginning Balance Deposits and Credits Withdrawals
and Debits
Ending Balance

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

$ 6,220 7 $ 9,782 9 $ 9,776 $ 6,226
Deposits and Credits Withdrawals and Debits Daily Balance

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

     5/4 $ 1,420     DEP      5/1 469 $  510   CHK      5/1 $ 5,710
     5/11 1,850     DEP      5/2 470 390   CHK      5/2 5,320
     5/18 2,480     DEP      5/9 471 1,260   CHK      5/4 6,740
     5/20 1,000     NOTE      5/11 360   NSF      5/9 5,480
     5/20 56     INT      5/12 472 1,630   CHK      5/11 6,970
     5/25 2,950     DEP      5/18 473 3,560   CHK      5/12 5,340
     5/31 26     INT      5/20 560   EFT      5/18 4,260
     5/25 474 1,460   CHK      5/20 4,756
     5/31 46   SF      5/25 6,246

     5/31 $ 6,226
$ 9,782 $9,776


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.

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