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On December 31, 2020, Jen's Jellybeans' accounting records indicated a cash balance of $8,500, while its December bank statement indicated a month-end balance of $7,930. The following reconciling items were identified:
Bank service charges of $50Outstanding cheques of $200A NSF cheque of $400 plus a $25 feeDeposits in transit of $300Interest earned of $5
REQUIRED:
Question 1: Prepare bank reconciliation at December 31, 2020.
Question 2: Prepare the necessary journal entries based on the bank reconciliation you completed for Jen's Jellybeans in the question above.
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