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The cash account for Brentwood Bike Co. at May 1 indicated a balance of $15,090. During May, the total cash deposited was $75,640 and checks written totaled $70,230. The bank statement indicated a balance of $25,640 on May 31.
Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
Instructions:
Question 1: Create a bank reconciliation as of May 31.
Question 2: Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.
a. May 31
Question 3: If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
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