Why the note receivable is 1000? Why Interest collected is 20? Why Deposit in transit = Cash receips - deposit? Why Outstanding checks = checks tritten - checks cashed? ( Answer already given)

CHICAGO Company has hired you to reconcile its bank statement and cash account. For June, the Cash account showed the following: Cash Account Balance, June 1 Cash receipts Checks written Balance, June 20 $5,600 32,000 (29.700) $7,900 The June bank statement, just received, showed the following: Bank Statement Balance, June 1 Deposits Note collected for depositor (principle $1,000) Checks cashed Bank service charge NSF check (Brad Jolie) Balance, June 30 $5,600 29,000 1,020 (27,500) (50) (150) $7,920 There were neither outstanding checks nor deposits in transit at May 31 Part A. Prepare the June 30 bank reconciliation for CHICAGO Company. (8 points) June 30 Bank Balance S 7,920 June 30 Book Balance $ 7,900 Additions Deposit in transit 3,000 (32,000-29,000) 1,000 20 Additions: Note Receivable Interest collected Deductions: Outstanding checks (2,200) (29,700-27,500) Deductions Bank Service Charge (50) NSF Check, B. Jolie (150) = Correct Bank Balance $ 8,720 = Correct Book Balance S 8,720