Use the following bank statement and T-account to prepare any journal entries ne

Question

Use the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) BANK STATEMENT Date Checks Deposits Other Balance May 1 $480 4 #2 $80 12 #4 170 28 #5 90 30 #6 85 May 31 #8 125 520 230 140 535 335 $120 NSF Check $120 480 Service charge 75 Cash (A) May 1 May 3 480 120 80 80 May 3 #2 May 4 #3 May 8 #4 May 11 #5 May 21 #6 May 29 #7 May 30 #8 170 90 85 480 95 290 125 May 29 May 30 May 31 645

Explanation / Answer

1 Office expenses 75         Cash 75 2 Accounts Receivable 120         Cash 120

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