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Make any necessary journal entries for bank reconciliation

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Reference no: EM132727044

The cash balance of Bison Corporation was 14,426 as at October 31, 2020. The balance of bank statement on the same day was $9,926. Following summarizes the differences between bank and books:

  1. Deposits in transit as at September 30 was $1,108.
  2. Deposits recorded in the books and bank during October were 9,630 and $7,410.
  3. Outstanding cheques as at October 31 amounted to $136.
  4. Electronic receipts from customers totaled $814, but these receipts have not yet been recorded by Bison in October.
  5. Interest revenue earned in October totaled $307 and it hasn't been recorded by Bison.
  6. The bank returned an NSF cheque in the amount of $2,211 that deposited on October 13. The cheque was a payment on a customer's account.
  7. The bank charged Bison $188 for services in October, including $158 for bank service changes and $30 for processing the NSF cheque.
  8. The bank made a mistake in processing a payment of $522 as $552.
  9. reconciliation as at October 31, 2020.

Problem 1: Make any necessary journal entries for bank reconciliation as at October 31, 2020.

Problem 2: What is the reconciled balance of cash as at October 31, 2020?

Reference no: EM132727044

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