Patel Ltd.'s new accounting clerk could not get the bank reconciliation balanced. He needs your help and provided you with his bank reconciliation and all the information he used to prepare the bank reconciliation:
Additional Information:
1. The May 31 bank statement showed a cash balance of $6,750, EFT collection of $1,040, interest charges of $25, bank service charges of $35, an NSF cheque of $1,400, and an NSF fee of $20.
2. The book ledger showed a cash balance of $7,520. In addition, the book records showed that both cheque no. 578 for the amount of $1,320 and a deposit of $1,650 were not included in the bank statement.
Prepare Patel Ltd.’s bank reconciliation on May 31. What is the reconciled book balance?

  • CreatedJuly 08, 2015
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