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Prepare bank reconciliation as of May

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Question - The cash account for Williams Brothers on May 31 indicated a balance of $20,915. The March bank statement indicated an ending balance of $25,645.  Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

a. Checks outstanding totaled $5,975.

b. A deposit of $3,796 had been made too late to appear on the bank statement.

c. A check for $1,482 returned with the statement had been incorrectly recorded by Williams Brothers as $482. The check was originally issued to pay on account.

d. The bank collected $4,515 on a note left for collection of which $515 was interest revenue.

e. Bank service charges for May amounted to $70.

f. A check for $894 was returned by the bank because of insufficient funds.

?Required - Prepare bank reconciliation as of May 31. Journalize the necessary entries.

Reference no: EM133039528

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