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Ch 8-3 Exercises & Problems eBook Show Me How Calculator Print Item The analysis that details the items responsible for the difference between the cash balance reported in the bank statement and the balance of the cash account in the ledger Bank Reconciliation and Entries 1. EX.08-03 The cash account for Brentwood Bike Co. at May 1 indicated a balance of $12,770. During May, the total cash deposited was $63,840 and checks written totaled $59,280. The bank statement indicated a balance of 21,640 on May 31-Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: 2. EX08-14 3. EX.08-17 4. EX.08-24.BLANKSHEETAL. 5. PR.08-04 ALGC a. Checks outstanding totaled $9,640 b. A deposit of $7,850, representing receipts of May 31, had been made too late to appear on the bank statement c. The bank had collected for Brentwood Bike Co. $4,150 on a note left for collection. The face of the note was $3,830. d. A check for $270 returned with the statement had been ncorrectly charged by the bank as $720 e. A check for $970 returned with the statement had been recorded by Brentwood Bike Co. as $790. The check was for the payment of an obligation to Adkins Co. on account r. Bank service charges for May amounted to $40. g. A check for $960 from lennings Co. was returned by the bank because of insufficient funds. Instructions: 1. Prepare a bank reconciliation as of May 31. Brentwood Bike Co. Bank Reconciliation May 31 21,640 Cash balance according to bank statement Add deposit of May 31, not recorded by bank Add bank error in charging check as $720 instead of $270 7,850 | 8,300 29.940 9,640 Deduct outstanding checks 20,300 Adjusted balance Cash balance according to company's records Add note and interest collected by bank 12.770 4,150 16,920 Deduct bank error in check as $720 instead of $270 450 Check My Work 2 more Check My Work uses remaining. Previous Progress: 5/5 items Assignment Score: 64.29% All work saved. Save and Exit Submit Assignment for Grading

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