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Make the necessary journal entries at the end of january

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Red Lake Brewing Company (RLB) has a bank account with Manitoba Bank. RLB receives their bank statement at the end of each month along with the cancelled cheques. The January 2020 bank statement included the following information:

Balance, January 1, 2020 32,690

Deposits 86,000

Cheques processed (75,200)

Bank service charges (350)

NSF cheques (1,600)

Monthly loan payment (3,400)

Balance January 31, 2020 38,140

  • The company's general ledger cash (chequing) account had a balance of $42,544 at the end of January. Deposits outstanding totaled $4,224 and all cheques written by the company were processed by the bank except for those totaling $5,620. In addition, a cheque for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the cheque during January.

Required:

Problem a) a bank reconciliation for the month of January

Problem b) the necessary journal entries at the end of January to adjust the general ledger cash account

Reference no: EM132807077

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