Question

The May cash records of Nielson, Inc. follow:
Nielson’s Cash account shows the balance of $6,171 on May 31. On May 31, Nielson, Inc. received the following bank statement:
Additional data for the bank reconciliation:
a. The EFT deposit was a receipt of rent revenue. The EFT debit was payment of insurance expense.
b. The NSF cheque was received from a customer.
c. The $1,000 bank collection was for a note receivable.
d. The correct amount of cheque 1419 is $216. Nielson, Inc. mistakenly recorded the cheque for $126.
Requirement
Prepare Nielson’s bank reconciliation at May 31.


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  • CreatedJuly 08, 2015
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