Illinois Company prepared the following bank reconciliation at May $31$:Balance per bankAdditions:$ $1,295$Deposits in transitCheck incorrectly charged to our bank balanceDeductions:$258102$Outstanding checks$(280)$Correct cash balance$ $1,375$Balance per booksAdditions:Interest Received from bankDeductions:NSF check $($Nelson$)$Bank service chargesCorrect cash balance.

Required: Prepare the necessary journal entries for Illinois Company required by the May $31$ bank reconciliation.Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. 

Answer rating: 100% (QA)

To prepare the necessary journal entries for Illinois Company required by the May bank reconciliatio... View the full answer