The bank statement reveals an ending balance of $12,165 and includes the following items not yet recorded
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Question:
The bank statement reveals an ending balance of $12,165 and includes the following items not yet recorded by Affleck: bank service fees of $210, note receivable collected by the bank of $5,600, and interest earned on the note of $620. After closer inspection, Affleck realizes that the bank incorrectly charged the company’s account $540 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.
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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