solved The cash account for Brentwood Bike Co. at May 1

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $34,250. During May, the total cash deposited was $140,300, and checks written totaled $138,880. The bank statement indicated a balance of $43,525 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: 2. Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATION A. Checks outstanding totaled $6,440. B. A deposit of $1,850 representing receipts of May 31, had been made too late to appear on the bank statement. C. The bank had collected for Brentwood Bike Co. $5,250 on a note left for collection. The face of the note was $5,000. D. A check for $390 returned with the statement had been incorrectly charged by the bank as $930. E. A check for $210 returned with the statement had been recorded by Brentwood Bike Co. as $120. The check was for the payment of an obligation to Adkins Co. on account. F. Bank service charges for May amounted to $30. G. A check for $1,325 from Jennings Co. was returned by the bank due to insufficient funds. Instructions and Questions: 1.Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles. 2.If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash? DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 3. If a balance sheet were prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash? CHART OF ACCOUNTS Brentwood Bike Co. General Ledger ASSETS 110Cash 111Petty Cash 112Accounts Receivable-Jennings Co. 131Notes Receivable 141Merchandise Inventory 145Office Supplies 146Store Supplies 151Prepaid Insurance 181Land 191Office Equipment 192Accumulated Depreciation-Office Equipment 193Store Equipment 194Accumulated Depreciation-Store Equipment LIABILITIES 211Accounts Payable-Adkins Co. 221Notes Payable 222Interest Payable 231Salaries Payable 241Sales Tax Payable EQUITY 310Owner, Capital 311Owner, Drawing 312Income Summary REVENUE 410Sales 610Interest Revenue EXPENSES 510Cost of Merchandise Sold 515Credit Card Expense 516Cash Short and Over 520Salaries Expense 531Advertising Expense 532Delivery Expense 533Insurance Expense 534Office Supplies Expense 535Rent Expense 536Repairs Expense 537Selling Expenses 538Store Supplies Expense 561Depreciation Expense-Office Equipment 562Depreciation Expense-Store Equipment 590Miscellaneous Expense 710Interest Expense Amount Descriptions Bank error in charging check as $390 instead of $930 Bank error in charging check as $930 instead of $390Bank service charges Check returned because of insufficient funds Company error in recording note collected by bank Deposit of May 31, not recorded by bank Error in recording check Outstanding checks Note and interest collected by bank