The cash account for Santiago Co. on May 31, 2011 indicated a balance of $15,515.00. The March bank statement indicated an ending balance of $20,245.00. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $4,820.00 b. A deposit of $3,796.00 had been made too late to appear on the bank statement. c. A check for $1,233.00 returned with the statement had been incorrectly recorded as $233.00. The check was originally issued to pay on account. d. The bank collected $5,541.00 on a note left for collection. e. Bank service charges for May amounted to $45.00. f. A check for $790.00 was returned by the bank because of insufficient funds. Prepare a bank reconciliation as of May 31, 2011. Journalize the necessary entries.

1. Adjusting balance = $19,221

2. See explanation section.

Explanation:

Requirement 1

Santiago Co.

Bank reconciliation statement

For the year ended May 31, 2011

Bank balance as o may 31 2011   = $20,245

Add: deposit in transit                  = $3,796

                                                      = $24,041

Less: outstanding check              = ($4,820)

Adjusting balance                         = $19,221

Cash balance as of May 31 2011  = $15,515

Add: Note collection                     = $5,541

                                                       = $21,056

Less: Error in recording check      = ($1000)

Bank service charge                      = ($45)

NSF check                                      = ($790)

Adjusting balance                          = $19,221

Requirement 2

The necessary journal entries are as follows

May 31 Cash          Debit        = $5,541

Note receivable    Credit        = $5,541

To record the note collection from the note receivable.

Accounts payable     Debit     = $1000

Bank service charge Debit     = $45

Account receivable   Debit     = $790

Cash                           Credit    = $1,835

To record the expenses adjusted in the cash book.

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