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Prepare bank reconciliation at december

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Reference no: EM132498787

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 $50
Outstanding cheques of $200
A NSF cheque of $400 plus a $25 fee
Deposits in transit of $300
Interest 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.

Reference no: EM132498787

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