Prepare a bank reconciliation at october thirty first

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Reference no: EM131960825

Problem

Practice Problem 1. The following information pertains to Laguna Corp.

1. Cash balance per bank, October 31, $8,205.

2. Cash balance per books, October 31 $8,340.

3. October bank service charge not recorded by the depositor $15.

4. Deposits in transit, October 31, $6,000.

5. Note for $5,000 collected for Laguna in October by the bank, plus interest $125 less fee $20. The collection has not been recorded by Allied, and no interest has been accrued.

6. Outstanding checks, October 31, $850

7. NSF check: $325 from customer.

8. Deposit for $250 from customer was not recorded in the accounting records.

Required: Prepare a bank reconciliation at October 31, 2007 and journal entries. Identify the items above that will require journal entries in the accounting records. Circle the correspondingnumber.

Reference no: EM131960825

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