Question: Practice Problem 1. The following information pertains to Laguna Corp. Cash balance per bank, October 31, $8,205. Cash balance per books, October 31 $8,340. October

Practice Problem 1. The following information pertains to Laguna Corp.

Cash balance per bank, October 31, $8,205.

Cash balance per books, October 31 $8,340.

October bank service charge not recorded by the depositor $15.

Deposits in transit, October 31, $6,000.

Note for $5,000 collected for Laguna in October by the bank, plus interest $125 less fee $20. The collection has not been recorded by Allied, and no interest has been accrued.

Outstanding checks, October 31, $850

NSF check: $325 from customer.

Deposit for $250 from customer was not recorded in the accounting records.

Required: Prepare a bank reconciliation at October 31, 2007 and journal entries. Identify the items above that will require journal entries in the accounting records. Circle the corresponding number.

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