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Frank Root operates a roller skating center. He has just received the monthly bank statement at May 31 from Citizen National Bank, and the statement shows an ending balance of $715. Listed on the statement are an EFT rent collection of $320, a service charge of $7, two NSF checks totaling $110, and a $10 charge for printed checks. In reviewing his cash records, Root identifies outstanding checks totaling $605 and a May 31 deposit in transit of $1,790. During May, he recorded a $300 check for the salary of a part-time employee as $30. Root's Cash account shows a May 31 balance of $1,977. E: (Click the icon to view the bank reconciliation.) Requirement 1. Use the bank reconciliation provided to make the journal entries that Root should record on May 31 to update his Cash account. Include an explanation for each entry. (Record the transactions in the order they appear on the bank reconciliation. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Accounts and Explanations Date Debit Credit May 31 Frank Root Bank Reconciliation May 31, 2014 BANK: Balance, May 31 Add: Deposit in transit $ 715 1,790 2,505 (605) 1,900 $ Less: Outstanding checks Adjusted bank balance BOOKS Balance, May 31 Add: EFT collection - rent $ 1,977 2.297 $ 270 110 Less: Correction of book error NSF checks Charge for printed checks Service charge Adjusted book balance 10 7 (397) $ 1,900

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