The cash records and bank statement for the month of May for Copperfield Entertainment are shown below.

COPPERFIELD ENTERTAINMENT

Cash Account Records

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

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

$$5,320$ $$11,840$ $$11,980$ $$5,180$

Cash Receipts Cash Disbursements

Date Description Amount Date Description Memo Amount

$5/3$ Sales $$1,4205/7$ DC Legal fees $$1,260$

$5/10$ Sales $1,8505/12$ DC Property tax $1,630$

$5/17$ Sales $2,4805/15$ DC Salaries $3,560$

$5/24$ Sales $2,9505/22$ DC Advertising $1,460$

$5/31$ Sales $3,1405/30$ CHK number $471$ Supplies $510$

$5/31$ CHK number $472$ Salaries $3,560$

$$11,840$ $$11,980$

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

$$6,2207$ $$9,7829$ $$9,776$ $$6,226$

Account Details

Deposits and Credits Withdrawals and Debits Daily Balance

Date Amount Description Date Number Amount Description Date Amount

$5/4$ $$1,420$ DEP $5/1469$ $$510$ CHK $5/1$ $$5,710$

$5/111,850$ DEP $5/2470390$ CHK $5/25,320$

$5/182,480$ DEP $5/71,260$ DC $5/46,740$

$5/201,000$ NOTE $5/11360$ NSF $5/95,480$

$5/2056$ INT $5/121,630$ DC $5/116,970$

$5/252,950$ DEP $5/153,560$ DC $5/125,340$

$5/3126$ INT $5/20560$ EFT $5/184,260$

$5/221,460$ DC $5/204,756$

$5/3146$ SF $5/256,246$

$$9,782$ $$9,7765/31$ $$6,226$

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.