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Prepare bank reconciliation for may

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Reference no: EM13875098

The bookkeeper at Martin Company has asked you to prepare bank reconciliation as of May 31. The May 31 bank statement and the May T- account for cash (summarized) are on the next page. Martin Company's bank reconciliation at the end of April showed cash balance of $ 18,800. No deposits were in transit at the end of April, but a deposit was in transit at the end of May.

Required:

1. Prepare bank reconciliation for May.

2. Prepare any journal entries required as a result of the bank reconciliation. Why are they necessary?

3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?

4. If the company also has $ 50 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? 

Reference no: EM13875098

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