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COPPERFIELD ENTERTAINMENT

Cash Account Records

May $1,2024,$ to May $31,2024$

Cash Balance May $1,2024+$ Cash Receipts $$ Cash Disbursements $=$ Cash Balance May $31,2024$

$$5,350$ $$11,690$ $$11,800$ $$5,240$

Cash Receipts Cash Disbursements

Date Description Amount Date Description Memo Amount

$5/3$ Sales $$1,3905/7$ DC Legal fees $$1,230$

$5/10$ Sales $1,8205/12$ DC Property tax $1,600$

$5/17$ Sales $2,4505/15$ DC Salaries $3,530$

$5/24$ Sales $2,9205/22$ DC Advertising $1,430$

$5/31$ Sales $3,1105/30$ CHK number $471$ Supplies $480$

$5/31$ CHK number $472$ Salaries $3,530$

$$11,690$ $$11,800$

P$.$O$.$ Box $162647$ Bowlegs, OK $74830$

$(405)369-$CASH Midwest Bank

Looking Out For You Member FDIC

Account Holder: Copperfield Entertainment

$124$ Saddle Blvd$,$

Bowlegs, OK $74830$ Account Number: $7772854360$

Statement Date: May $31,2024$

Account Summary

Beginning Balance

May $1,2024$ Deposits and Credits Withdrawals and Debits Ending Balance

May $31,2024$

Number Total Number Total

$$6,1907$ $$9,6569$ $$9,533$ $$6,313$

Account Details

Deposits and Credits Withdrawals and Debits Daily Balance

Date Amount Description Date Number Amount Description Date Amount

$5/4$ $$1,390$ DEP $5/1469$ $$480$ CHK $5/1$ $$5,710$

$5/111,820$ DEP $5/2470360$ CHK $5/25,350$

$5/182,450$ DEP $5/71,230$ DC $5/46,740$

$5/201,000$ NOTE $5/11330$ NSF $5/95,510$

$5/2053$ INT $5/121,600$ DC $5/117,000$

$5/252,920$ DEP $5/153,530$ DC $5/125,400$

$5/3123$ INT $5/20530$ EFT $5/184,320$

$5/221,430$ DC $5/204,843$

$5/3143$ SF $5/256,333$

$$9,656$ $$9,5335/31$ $$6,313$

Description DEP Customer deposit INT Interest earned SF Service fees

NOTE Note collected CHK Customer check NSF Nonsufficient funds

EFT Electronic funds transfer DC Debit card

Additional information:

The difference in the beginning balances in the company$$s records and the bank statement relates to checks number $469$ and number $470,$ which are outstanding as of April $30,2024($prior month$).$

The bank made the EFT on May $20$ in error. The bank accidentally charged Copperfield for payment that should have been made on another account.

Required:

$1.$ Prepare a bank reconciliation for Copperfield's checking account on May $31,2024.$

$2.$ Record the necessary cash adjustments.

Answer & Explanation Solved by verified expert

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