Reference no: EM133031793
Question - Brown's Grocery Store developed the following information in recording its bank statement for the month of March 2022.
Balance per books March 31 $ 7,555
Balance per bank statement March 31 $12,760
Additional information:
1. Cheques written in March but still outstanding $10,600.
2. Deposits of March 30 and 31 not yet recorded by bank $5,240.
3. NSF cheque of customer returned by bank $645.
4. Bank service charge for March was $50.
5. A payment on account was incorrectly entered in the general journal for $714 when Cheque No. 318 was correctly prepared for $174. The cheque cleared the bank in March.
Required -
a) Prepare a bank reconciliation at March 31, 2022.
b) Prepare any adjusting entries necessary as a result of the bank reconciliation.
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