Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 # 304 Checks Total Amount of Cash and Cash Equivalents $ 12,000 7,200 560 Cash (A) 21,500 9,000 11,000 7,200 5,200 21,840 BANK STATEMENT Deposits $ 9,000 12,000 7,200 560 5,200 1,900 11,000 Interest earned NSF check Service charge Credit Other # 301 May 2 # 302 May 4 #303 May 11 # 304 May 23 # 305 May 29 $ 180 340 90 Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 21,920 21,580 16,380 16,290 16,290 4. If the company also has $80 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?
Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 # 304 Checks Total Amount of Cash and Cash Equivalents $ 12,000 7,200 560 Cash (A) 21,500 9,000 11,000 7,200 5,200 21,840 BANK STATEMENT Deposits $ 9,000 12,000 7,200 560 5,200 1,900 11,000 Interest earned NSF check Service charge Credit Other # 301 May 2 # 302 May 4 #303 May 11 # 304 May 23 # 305 May 29 $ 180 340 90 Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 21,920 21,580 16,380 16,290 16,290 4. If the company also has $80 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank
statement and the May T-account for cash (summarized) are below.
Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at
the end of April, but a deposit was in transit at the end of May.
Balance, May 1
May 2
May 5
May 7
May 8
May 14
May 17
May 22
May 27
May 31
Balance, May 31
May 1
May 1
May 7
May 29
May 31
Debit
Balance
Balance
#301
#302
#303
# 304
Checks
Total Amount of Cash and Cash Equivalents
$ 12,000
7,200
560
Cash (A)
21,500
9,000
11,000
7,200
5,200
21,840
BANK STATEMENT
Deposits
$ 9,000
12,000
7,200
560
5,200
1,900
11,000
Interest earned
NSF check
Service charge
Credit
Other
# 301 May 2
# 302 May 4
#303 May 11
# 304 May 23
# 305 May 29
$ 180
340
90
Balance
$ 21,500
30,500
18,500
11,300
22,300
21,740
21,920
21,580
16,380
16,290
16,290
4. If the company also has $80 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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faf8b01f7-362a-45ac-872b-36f3b2f39685%2Ff83b36e2-f1ea-4264-9f4b-b81efd958c32%2Ff2f0zke_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank
statement and the May T-account for cash (summarized) are below.
Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at
the end of April, but a deposit was in transit at the end of May.
Balance, May 1
May 2
May 5
May 7
May 8
May 14
May 17
May 22
May 27
May 31
Balance, May 31
May 1
May 1
May 7
May 29
May 31
Debit
Balance
Balance
#301
#302
#303
# 304
Checks
Total Amount of Cash and Cash Equivalents
$ 12,000
7,200
560
Cash (A)
21,500
9,000
11,000
7,200
5,200
21,840
BANK STATEMENT
Deposits
$ 9,000
12,000
7,200
560
5,200
1,900
11,000
Interest earned
NSF check
Service charge
Credit
Other
# 301 May 2
# 302 May 4
#303 May 11
# 304 May 23
# 305 May 29
$ 180
340
90
Balance
$ 21,500
30,500
18,500
11,300
22,300
21,740
21,920
21,580
16,380
16,290
16,290
4. If the company also has $80 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?
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