DIAZ ENTERTAINMENT

DIAZ ENTERTAINMENT

[The following information applies to the questions displayed below.]

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

DIAZ ENTERTAINMENT

Cash Account Records

May 1, 2015, to May 31, 2015
Cash Balance

May 1, 2015 + Deposits – Checks = Cash Balance

May 31, 2015

$5,280 $12,040 $12,220 $5,100

Deposits Checks

Date Desc. Amount Date No. Desc. Amount

5/3 Sales $ 1,460 5/7 471 Legal fees $ 1,300
5/10 Sales 1,890 5/12 472 Property tax 1,670
5/17 Sales 2,520 5/15 473 Salaries 3,600
5/24 Sales 2,990 5/22 474 Advertising 1,500
5/31 Sales 3,180 5/30 475 Supplies 550
5/31 476 Salaries 3,600

$12,040 $12,220

P.O. Box 162647

Bowlegs, OK 74830

(405) 369-CASH MIDWEST BANK

Looking Out For You Member FDIC

Account Holder: Diaz Entertainment

124 Saddle Blvd.

Bowlegs, OK 74830 Account Number:

Statement Date: 7772854360

May 31, 2015
Beginning Balance Deposits and Credits Withdrawals

and Debits Ending Balance

May 1, 2015 No. Total No. Total May 31, 2015
$ 6,260 7 $ 10,050 9 $ 10,100 $ 6,210
Deposits and Credits Withdrawals and Debits Daily Balance

Date Amount Desc. Date No. Amount Desc. Date Amount
5/4 $ 1,460 DEP 5/1 469 $ 550 CHK 5/1 $ 5,710
5/11 1,890 DEP 5/2 470 430 CHK 5/2 5,280
5/18 2,520 DEP 5/9 471 1,300 CHK 5/4 6,740
5/20 1,100 NOTE 5/11 400 NSF 5/9 5,440
5/20 60 INT 5/12 472 1,670 CHK 5/11 6,930
5/25 2,990 DEP 5/18 473 3,600 CHK 5/12 5,260
5/31 30 INT 5/20 600 EFT 5/18 4,180
5/25 474 1,500 CHK 5/20 4,740
5/31 50 SF 5/25 6,230

5/31 $ 6,210
$ 10,050 $10,100

Desc. DEP Customer deposit INT Interest earned SF Service fees
NOTE Note collected CHK Customer check NSF Nonsufficient funds
EFT Electronic funds transfer

Additional information:
a.
The difference in the beginning balances in the company’s records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2015.
b.
The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account.

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