BA$211$ Final Learning Assessment

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Peterson Company's general ledger shows a cash balance of $$7,540$ on May $31.$ May cash receipts of $$1,250,$ included in the general ledger balance, are placed in the night depository at the bank on May $31$ and processed by the bank on June $1.$ The bank statement dated May $31$ shows an NSF check from a customer for $$100$ and a service fee of $$50.$ The bank processes all checks written by the company by May $31$ and lists them on the bank statement, except for one check totaling $$1,780.$ The bank statement shows a balance of $$7,920$ on May $31.$

Required:

Prepare a bank reconciliation to calculate the correct balance of cash on May $31.($Amounts to be deducted should be indicated with a minus sign.$)$

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