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Required 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 $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Balance, May 1 Deposits May 2 $ 9,000 May 5 #301 May 7 #302 $ 12,000 7,200 May 8 11,000 May 14 #303 560 May 17 May 22 May 27 #304 5,200 May 31 Balance, May 31 Other Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 Interest earned NSF check $ 180 21,920 340 21,580 16,380 Service charge 90 16,290 16,290 Cash (A) Debit Credit May 1 Balance 21,500 May 1 9,000 12,000 May 7 11,000 7,200 #301 May 2 #302 May 4 May 29 7,200 560 # 303 May 11 5,200 1,900 #304 May 23 #305 May 29 May 31 Balance 21,840 4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Total Amount of Cash and Cash Equivalents

Required 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 $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Balance, May 1 Deposits May 2 $ 9,000 May 5 #301 May 7 #302 $ 12,000 7,200 May 8 11,000 May 14 #303 560 May 17 May 22 May 27 #304 5,200 May 31 Balance, May 31 Other Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 Interest earned NSF check $ 180 21,920 340 21,580 16,380 Service charge 90 16,290 16,290 Cash (A) Debit Credit May 1 Balance 21,500 May 1 9,000 12,000 May 7 11,000 7,200 #301 May 2 #302 May 4 May 29 7,200 560 # 303 May 11 5,200 1,900 #304 May 23 #305 May 29 May 31 Balance 21,840 4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Total Amount of Cash and Cash Equivalents

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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Required 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 $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Balance, May 1 Deposits May 2 $ 9,000 May 5 #301 May 7 #302 $ 12,000 7,200 May 8 11,000 May 14 #303 560 May 17 May 22 May 27 #304 5,200 May 31 Balance, May 31 Other Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 Interest earned NSF check $ 180 21,920 340 21,580 16,380 Service charge 90 16,290 16,290 Cash (A) Debit Credit May 1 Balance 21,500 May 1 9,000 12,000 May 7 11,000 7,200 #301 May 2 #302 May 4 May 29 7,200 560 # 303 May 11 5,200 1,900 #304 May 23 #305 May 29 May 31 Balance 21,840 4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Total Amount of Cash and Cash Equivalents
Transcribed Image Text:Required 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 $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Balance, May 1 Deposits May 2 $ 9,000 May 5 #301 May 7 #302 $ 12,000 7,200 May 8 11,000 May 14 #303 560 May 17 May 22 May 27 #304 5,200 May 31 Balance, May 31 Other Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 Interest earned NSF check $ 180 21,920 340 21,580 16,380 Service charge 90 16,290 16,290 Cash (A) Debit Credit May 1 Balance 21,500 May 1 9,000 12,000 May 7 11,000 7,200 #301 May 2 #302 May 4 May 29 7,200 560 # 303 May 11 5,200 1,900 #304 May 23 #305 May 29 May 31 Balance 21,840 4. If the company also has $80 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May? Total Amount of Cash and Cash Equivalents
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