Martin Company Bank Reconciliation Excel Sheet i need help on this question, attachment name: 1 and 2 chapter content:By the conclusion of this chapter, y

Martin Company Bank Reconciliation Excel Sheet i need help on this question, attachment name: 1 and 2

chapter content:By the conclusion of this chapter, you should be able to:

Show the difference between the calculation of net income for service and merchandising businesses.
Identify the sales revenue accounts and calculate net sales revenue.
Distinguish between a periodic and a perpetual inventory system.
Calculate cost of goods sold for the period.
Prepare a multiple step income statement and compare it to a single step income statement.
Describe the classifications of operating expenses. D
PA5-2 Preparing a Bank Reconciliation and Journal Entries and Reporting Cash LO 5-4Q, LO 5-50
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 $18,800. No deposits were in transit at the end
of April, but a deposit was in transit at the end of May.
Page 249
BANK STATEMENT
Checks
Deposits
Other
Balance
$18.800
Balance, May 1
May 2
$ 8.000
26.800
#301
$11.000
15.800
#302
6.000
9.800
10.000
#303
500
May 5
May 7
May 8
May 14
May 17
May 22
May 27
May 31
Balance, May 31
19.800
19,300
19.420
Interest
$120
NSF check
280
19.140
#304
4,600
14,540
Service charge
60
14.480
14.480
Cash (A)
May 1
Balance
18.800
May 1
8.000
11,000
#301 May 2
May 7
10.000
6.000
#302 May 4
May 29
6.000
500
#303 May 11
4,600
#304 May 23
1,300
#305 May 29
May 31
Balance
19,400
Required:
1. Prepare a bank reconciliation for May.
2. Prepare any journal entries required as a result of the bank reconciliation. Why are they necessary?
3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?
4. If the company also has $50 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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