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The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $17,900. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance # 301 #302 #303 #304 Checks $ 10,000 5,600 Cash (A) 17,900 7,000 9,000 5,600 BANK STATEMENT Deposits $ 7,000 17,920 480 4,400 10,000 5,600 480 4,400 1,100 9,000 Interest earned NSF check Service charge Credit Other #301 May 2 #302 May 4 #303 May 11 # 304 May 23 #305 May 29 $ 110 260 78 Balance $ 17,900 24,900 14,900 9,300 18,300 17,820 17,930 17,678 13,270 13,200 13,200

The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $17,900. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance # 301 #302 #303 #304 Checks $ 10,000 5,600 Cash (A) 17,900 7,000 9,000 5,600 BANK STATEMENT Deposits $ 7,000 17,920 480 4,400 10,000 5,600 480 4,400 1,100 9,000 Interest earned NSF check Service charge Credit Other #301 May 2 #302 May 4 #303 May 11 # 304 May 23 #305 May 29 $ 110 260 78 Balance $ 17,900 24,900 14,900 9,300 18,300 17,820 17,930 17,678 13,270 13,200 13,200

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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Hequirea information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $17,900. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance: # 301 #302 # 303 # 304 Checks $ 10,000 5,600 Cas (A) 17,900 7,000 9,000 5,600 BANK STATEMENT Deposits $ 7,000 17,920 480 4,400 10,000 5,600 480 4,400 1,100 9,000 Interest earned NSF check Service charge Credit Other #301 May 2 #302 May 4 # 303 May 11 # 304 May 23 #305 May 29 $ 110 260 70 Balance $ 17,900 24,900 14,900 9,300 18,300 17,820 17,930 17,670 13,270 13,200 13,200
Transcribed Image Text:Hequirea information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $17,900. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance: # 301 #302 # 303 # 304 Checks $ 10,000 5,600 Cas (A) 17,900 7,000 9,000 5,600 BANK STATEMENT Deposits $ 7,000 17,920 480 4,400 10,000 5,600 480 4,400 1,100 9,000 Interest earned NSF check Service charge Credit Other #301 May 2 #302 May 4 # 303 May 11 # 304 May 23 #305 May 29 $ 110 260 70 Balance $ 17,900 24,900 14,900 9,300 18,300 17,820 17,930 17,670 13,270 13,200 13,200
4. If the company also has $60 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, May? what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of Total Amount of Cash and Cash Equivalents
Transcribed Image Text:4. If the company also has $60 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, May? what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of Total Amount of Cash and Cash Equivalents
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