The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals
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Question:
The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation, in good form, on the basis of the following reconciling items:
(a) Cash sales of $742 were erroneously recorded in the cash receipts journal as $724.
(b) Deposits in transit not recorded by bank, $425.
(c) Bank debit memo for service charges, $35.
(d) Bank credit memo for note collected by bank, $2,475 including $75 interest.
(e) Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer.
(f) Checks outstanding, $1,860.
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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