es On October 31, 2024, Crowe Company's general ledger shows a cash account balance of $8,454....

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es On October 31, 2024, Crowe Company's general ledger shows a cash account balance of $8,454. The company's cash receipts for the month total $74,700, of which $71,390 has been deposited in the bank. In addition, the company has written checks for $72,524, of which $71,324 has been processed by the bank. The bank statement reveals an ending balance of $13,114 and includes the following items not yet recorded by Crowe: bank service fees of $340, note receivable collected by the bank of $6,900, and interest earned on the note of $1,270. After closer inspection, Crowe realizes that the bank incorrectly charged the company's account $1,060 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash. es On October 31, 2024, Crowe Company's general ledger shows a cash account balance of $8,454. The company's cash receipts for the month total $74,700, of which $71,390 has been deposited in the bank. In addition, the company has written checks for $72,524, of which $71,324 has been processed by the bank. The bank statement reveals an ending balance of $13,114 and includes the following items not yet recorded by Crowe: bank service fees of $340, note receivable collected by the bank of $6,900, and interest earned on the note of $1,270. After closer inspection, Crowe realizes that the bank incorrectly charged the company's account $1,060 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash.

Answer rating: 100% (QA)

1 Bank Reconciliation for Crowe Company as of October 31 2024 Balance per Companys Books Cash acco... View the full answer