Reference no: EM13335303
Using the following information, prepare a bank reconciliation for Salem Co. for May 31, 2010.
(a) The bank statement balance is $2,597.
(b) The cash account balance is $2,680.
(c) Outstanding checks amounted to $703.
(d) Deposits in transit are $732.
(e) The bank service charge is $25.
(f) Interest added to the checking account by the bank is $7.
(g) A check drawn for $59 was incorrectly charged by the bank as $95.
Questions will use the following information:
The bank statement for Marley Co. indicates a balance of $10,000.50 on June 30, 2010. The cash account in the depositor's records had a balance of $4,677.10.
Prepare a bank reconciliation on the basis of the following reconciling items:
(a) Cash sales of $342 had been erroneously recorded as $324.
(b) Deposits in transit not recorded by bank, $700.
(c) Bank debit memorandum for service charges, $30.
(d) Bank credit memorandum for note collected by bank, $2,050, including $50 interest.
(e) Bank debit memorandum for $207.40 NSF (not sufficient funds) check from Alice Martin, a customer.
(f) Checks outstanding, $4,192.80.
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