Cash Adjustments Assignment – Top Universities

[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, 2018, to May 31, 2018 Cash Balance Cash Balance May 1, 2018 Deposits Checks May 31, 2018 + $5,390 $11.,490 $11,560 $5,320 Deposits Checks Date Desc. Amount Date No. Dec. Amount 5/3 $1,350 5/7 Legal fees 1,190 Sales 471 Property tax Salaries 5/10 Sales 1,780 5/12 472 1,560 Sales 5/17 2.410 5/15 473 3,490 5/24 Sales 2,880 5/22 474 Advertising Supplies Salaries 1,390 5/31 Sales 3,070 5/30 475 440 5/31 476 3,490 $11,490 $11,560 PO. Box 162647 Bowlegs, OK 74830 (405) 369-CASH MIDWEST BANK Member FDIC Looking Out For You Account Holder Account Number: Diaz Entertainment 7772854360 124 Saddle Blvd Bowlegs, OK 74830 Statement Date: May 31, 2018 Withdrawals Ending Balance Beginning Balance Deposits and Credits and Debits Total May 1, 2018, No. No Tota May 31, 2018, $ 9,688 $ 6,629 Daly Balance $6.150 Deposits and Credits $9,209 9 Withdrawals and Debits Date Amount Desc. Date No. Amount Desc Date Amount $ 5710 $ 1,350 440 5/4 DEP 5/1 469 CHK 5/1 5/11 1,780 DEP 5/2 470 320 CHK 5/2 5.390 5/18 2.410 DEP 5/9 47* 1,190 CHk 5/4 6,740 1,200 NOTE 5.550 5/1 290 5/20 NSF 472 5/25 5/18 5/12 5.480 2.880 DEP 473 3 490 CHK 4,400 5/31 19 INT 5/20 490 EFT 5/18 5/25 5/31 474 1,390 CHk 5/20 5159 39 SP 5/25 6.649 5/31 $6,629 $9,688 $9,209 Desc. it teea CHK Customer check NOTE Note collected EFT Electronic funds transfer NSF Nonsufficient funds 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, 2018 (prior month).

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b. The bank made the EFT on May 20 error. The bank accidentally charged Diaz for payment that should have been made on another account value Required information 1.00 points Required: bank reconciliation for Diaz's checking account on May 31, 2018. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering the bank reconciliation.) DIAZ ENTERTAINMENT Bank Reconciliation May 31, 2018, Company's Cash Balance Bank's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation value Required information 1.00 points

2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select”No journal entry required” in the first account field. Total entries to the same account together when entering in the journal entry carousel.) View transaction list Journal entry worksheet 1 Record the amounts that increase cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal.

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