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Adjusting journal entries

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AB Ltd. had $3,413 in outstanding cheques at the end of July and half of that amount in deposits in transit. Bank service charges are $145 for July and there are no other reconciling items in the July bank reconciliation.

Required 1: By how much the adjusted balance shown on the balance sheet is higher or lower than the trial balance? $

Required 2: What is the total credits on the cash account because of the Adjusting Journal entries based on the above information? $

Reference no: EM133291118

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