The following information pertains to Hughes Company as of 2010 May 31: Balance per bank statement as of 2010 May 31, was $ 59,410. Balance per Hughes Company’s Cash account at 2010 May 31, was $...

The following information pertains to Hughes Company as of 2010 May 31:

• Balance per bank statement as of 2010 May 31, was $ 59,410.


• Balance per Hughes Company’s Cash account at 2010 May 31, was $ 60,904.


• A late deposit on May 31 did not appear on the bank statement, $ 4,275.


• Outstanding checks as of May 31 totaled $ 7,614.


• During May, the bank credited Hughes Company with the proceeds, $ 6,795, of a note which it had collected for the company. Interest revenue was $ 45 of the total.


• Bank service and collection charges for May amounted to $ 18.


• Comparison of the canceled checks with the check register revealed that one check in the amount as $ 1,458 had been recorded in the books as $ 1,539. The check had been issued in payment of an account payable.


• A review of the deposit slips with the bank statement showed that a deposit for $ 2,250 of a company with a similar account number had been credited to the Hughes Company account in error.


• A $ 270 check received from a customer, R. Petty, was returned with the bank statement marked NSF.


• During May, the bank paid a $ 13,500 note of Hughes Company plus interest of $ 135 and charged it to the company’s account per instructions received. Hughes Company had not recorded the payment of this note.


• An examination of the cash receipts and the deposit tickets revealed that the bookkeeper erroneously recorded a check from a customer, C. Parker, of $ 1,458 as $ 1,944.


• The bank statement showed a credit to the company’s account for interest earned on the account balance in May of $ 450.

Your Assignment:

• Prepare a bank reconciliation as of 2010 May 31.


• Prepare the journal entry or entries necessary to adjust the accounts as of 2010 May 31.