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Cash Receipts
Amounts
$ 908.50
1,748.00
3,726.00
1,975.00
736.00
$ 9,093.50
Cash Payments
Cheque No.
Amount
275
$ 310.50
276
448.50
277
466.90
278
811.90
279
577.30
280
3,886.90
281
void
282
488.50
283
1,058.00
$8,048.50
1.An examination showed that two cheques (#244 for $305.00 and #266 for $632.50) had not been cashed as of October 1. Danila recalled that there was only one deposit in transit on the September 30 bank reconciliation but was unable to recall the amount.
2.The cash receipts and cash payments journals contained the following entries for October 2020:
3.The NSF cheque on October 27 was received from a customer as payment for electronics purchased for $805.00. Cheque #280 was correctly written for $3,976.90 for the purchase of inventory (assume a periodic system) but incorrectly recorded by the cash payments clerk.
Required
Question 1: a bank reconciliation as of October 31, 2020, including the calculation of the book balance of October 31, 2020.
Question 2: all journal entries that would be required by the bank reconciliation. No explanations are needed.
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