Several source documents from RJ’s Tax Services are presented below.

Several source documents from RJ’s Tax Services are presented below. Additional information is as follows. 

a. The PMT on September 29 was a loan payment taken out of RJ’s Tax Services account in error due to a bank clerk’s mistake. 

b. Cheque No. 674 was a payment for insurance to B. Brubacher Brokers. The bookkeeper recorded it as $690 in error. 

c. The NSF cheque was in payment of an accounts receivable balance owed by Vinny Vanelswyk. 


RJ's Tax Services Bank Reconciliation August 31, 2020 Unadjusted Cash G/L Bank Statement Balance $3,000 Balance $3,351 Deposits in transit (Aug 29) Add: 1,500 4,500 Deduct: Outstanding cheques No. 669 600 No. 670 549 1,149 Adjusted Cash G/L Adjusted Bank Balance $3,351 Balance $3,351 Bank Statement for the month ending


Required 

Prepare the bank reconciliation at September 30, 2020, as well as the necessary journal entries for RJ’s Tax Services.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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