Question: Lecous bank statement dated Dec 31, 2015 shows a balance of $25,670. The company's cash records on the same date show a balance of $24,250.
Lecous bank statement dated Dec 31, 2015 shows a balance of $25,670. The company's cash records on the same date show a balance of $24,250. Following additional information is available:
1. Following checks issued by the company to its customers are still outstanding:
| No. 175 issued on Nov 29 | $570.00 |
| No. 176 issued on Dec 26 | 25.21 |
| No. 177 issued on Dec 29 | 275.00 |
| No. 178 issued on Dec 31 | 197.50 |
A deposit of $500.00 made on Dec 31 does not appear on bank statement.
2. An NSF check of $1150.71 was returned by the bank with the bank statement.
3. The bank charged $55 as service fee.
4. Interest income earned on the company's average cash balance at bank was $1,557.
5. The bank collected a note receivable on behalf of the company. Amount received by the bank on the note was $350. This includes $50 interest income. The bank charged a collection fee of $39.
6. A deposit of $530 was incorrectly entered as $340 in the company's cash records.
Prepare a bank reconciliation statement using the above information.
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