Reference no: EM132504711

Question - Taylor & Co., had a balance per books of $16,190.95. The bank statement indicated a balance of$21,016.30, as of October, 31, 2003. Reconciliation items are:

a. Checks outstanding, $5169.75.

b. Deposit on transit totals, $4189.40.

c. Bank collected a note for Taylor totaling $4,500, of which $500 is interest.

d. A check issued by Taylor to Kaiser & Co. for $2,850 was incorrectly recorded for $2,580.

e. A check drawn for i1375, was incorrectly charged by the b for $1735.

f. Bank service charges for the month were $25.

Required -

1. Prepare bank reconciliation.

2. Journalize the necessary entries.