Reference no: EM1374722
Q The cash account for Santiago Co. on 31st May, 2009 indicated a balance of $15,515.00. The March bank statement shown an ending balance of $20,245.00. Comparing bank statement, the canceled checks, and the accompanying memos with the records revealed the subsequent reconciling items:
a. Checks outstanding totaled $4,820.00
b. A deposit of $3,796.00 had been made too late to appear on bank statement.
c. A check for $1,233.00 returned with statement had been incorrectly recorded as $233.00. The check was initially credited to accounts payable.
d. The bank collected $5,541.00 on a note left for collection.
e. Bank service charges for May amounted to $45.00.
f. A check for $790.00 was returned by bank because of insufficient funds.
Compute the adjusted balance as of 31st May, 2009. Journalize the required entries.
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