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.
Balance, May 1
Balance, May 31
#301 May 2
#302 May 4
#303 May 11
#304 May 23
#305 May 29
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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