Required information [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, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,410 $11,390 $11,440 $5,360 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,330 5/7 471 Legal fees $ 1,170 5/10 Sales 1,760 5/12 472 Property tax 1,540 5/17 Sales 2,390 5/15 473 Salaries 3,470 5/24 Sales 2,860 5/22 474 Advertising 1,370 5/31 Sales 3,050 5/30 475 Supplies 420 5/31 476 Salaries 3,470 $ 11,390 $ 11,440 P.O. Box 162647 Midwest Bank Member FDIC Bowlegs, OK 74830 Looking Out For You (405) 369-CASH Account Holder: Diaz Entertainment Account Number: 7772854360 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: May 31, 2021 Account Summary Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance May 1, 2021 NO. Total NO. Total May 31, 2021 $6,130 7 $9,504 9 $9,047 $6,587 Account Details Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 5/4 $ 1,330 DEP 5/1 469 $ 420 CHK 5/1 $ 5,710 5/11 1,760 DEP 5/2 470 300 CHK 5/2 5,410 5/18 2,390 DEP 5/9 471 1,170 CHK 5/4 6,740 5/20 1,100 NOTE 5/11 270 NSF 5/9 5,570 5/20 47 INT 5/12 472 1,540 CHK 5/11 7,060 5/25 2,860 DEP 5/18 473 3,470 CHK 5/12 5,520 5/31 17 INT 5/20 470 EFT 5/18 4,440 5/25 474 1,370 CHK 5/20 5,117 5/31 37 SF 5/25 6,607 $ 9,504 $ 9,047 5/31 $ 6,587 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: 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, 2021 (prior month). 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. Required:1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)

Required information [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, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,410 $11,390 $11,440 $5,360 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,330 5/7 471 Legal fees $ 1,170 5/10 Sales 1,760 5/12 472 Property tax 1,540 5/17 Sales 2,390 5/15 473 Salaries 3,470 5/24 Sales 2,860 5/22 474 Advertising 1,370 5/31 Sales 3,050 5/30 475 Supplies 420 5/31 476 Salaries 3,470 $ 11,390 $ 11,440 P.O. Box 162647 Midwest Bank Member FDIC Bowlegs, OK 74830 Looking Out For You (405) 369-CASH Account Holder: Diaz Entertainment Account Number: 7772854360 124 Saddle Blvd, Bowlegs, OK 74830 Statement Date: May 31, 2021 Account Summary Beginning Balance Deposits and Credits Withdrawals and Debits Ending Balance May 1, 2021 NO. Total NO. Total May 31, 2021 $6,130 7 $9,504 9 $9,047 $6,587 Account Details Deposits and Credits Withdrawals and Debits Daily Balance Date Amount Desc. Date No. Amount Desc. Date Amount 5/4 $ 1,330 DEP 5/1 469 $ 420 CHK 5/1 $ 5,710 5/11 1,760 DEP 5/2 470 300 CHK 5/2 5,410 5/18 2,390 DEP 5/9 471 1,170 CHK 5/4 6,740 5/20 1,100 NOTE 5/11 270 NSF 5/9 5,570 5/20 47 INT 5/12 472 1,540 CHK 5/11 7,060 5/25 2,860 DEP 5/18 473 3,470 CHK 5/12 5,520 5/31 17 INT 5/20 470 EFT 5/18 4,440 5/25 474 1,370 CHK 5/20 5,117 5/31 37 SF 5/25 6,607 $ 9,504 $ 9,047 5/31 $ 6,587 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: 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, 2021 (prior month). 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. Required:1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)

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Description: Required information [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, 2021, to May 31

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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Required information

[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, 2021, to May 31, 2021

Cash Balance

May 1, 2021

Cash Receipts

−

Cash Disbursements

May 31, 2021

$5,410

$11,390

$11,440

$5,360

Cash Receipts

Cash Disbursements

Date

Desc.

Amount

Date

Check#

Desc.

Amount

5/3

Sales

1,330

5/7

471

Legal fees

1,170

5/10

Sales

1,760

5/12

472

Property tax

1,540

5/17

Sales

2,390

5/15

473

Salaries

3,470

5/24

Sales

2,860

5/22

474

Advertising

1,370

5/31

Sales

3,050

5/30

475

Supplies

420

5/31

476

Salaries

3,470

11,390

11,440

P.O. Box 162647

Midwest Bank

Member FDIC

Bowlegs, OK 74830

Looking Out For You

(405) 369-CASH

Account Holder:

Diaz Entertainment

Account Number:

7772854360

124 Saddle Blvd,

Bowlegs, OK 74830

Statement Date:

May 31, 2021

Account Summary

Beginning Balance

Deposits and Credits

Withdrawals and Debits

Ending Balance

May 1, 2021

NO.

Total

NO.

Total

May 31, 2021

$6,130

$9,504

$9,047

$6,587

Account Details

Deposits and Credits

Withdrawals and Debits

Daily Balance

Date

Amount

Desc.

Date

No.

Amount

Desc.

Date

Amount

5/4

1,330

DEP

5/1

469

420

CHK

5/1

5,710

5/11

1,760

DEP

5/2

470

300

CHK

5/2

5,410

5/18

2,390

DEP

5/9

471

1,170

CHK

5/4

6,740

5/20

1,100

NOTE

5/11

270

NSF

5/9

5,570

5/20

INT

5/12

472

1,540

CHK

5/11

7,060

5/25

2,860

DEP

5/18

473

3,470

CHK

5/12

5,520

5/31

INT

5/20

470

EFT

5/18

4,440

5/25

474

1,370

CHK

5/20

5,117

5/31

5/25

6,607

9,504

9,047

5/31

6,587

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:

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, 2021 (prior month).
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.

Required:
1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)

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