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Preparation of Bank Reconciliation and passing required adjusting Entries.
(Bank Reconciliation and Adjusting Entries) Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.
June 30 Bank Reconciliation
Balance per bank
$7,000
Add: Deposits in transit
1,540
Deduct: Outstanding checks
(2,000)
$6,540
Month of July Results
Per Bank
Per Books
Balance July 31
$8,650
$9,250
July deposits
5,000
5,810
July checks
4,000
3,100
July note collected (not included in July deposits)
1,000
July bank service charge
15
July NSF check from customer, returned by the bank
335
(recorded by bank as a charge)
Instructions
(a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
(b) Prepare the general journal entry or entries to correct the Cash account.
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