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.
