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Prepare bank reconciliation for smith inc at may

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Reference no: EM132964308

Question - The following information was available for Smith Inc. for the month ended May 31, 20XX.

a) The book balance at May 31, 20XX was $4,790.22.

b) The bank balance at May 31, 20XX was $5,660.22.

c) Outstanding cheques amounted to $6,310.

d) The May 31st cash receipts of $5,600 were deposited but have not yet appeared on the bank statement.

e) A $50 debit memorandum for cheques printed by the bank was included with the cancelled cheques.

f) A customer's note for $1,000 was collected by the bank. In addition interest on the note was $110.

g) The bank incorrectly recorded a cheque payment of $1,600 as $1,500.

h) A cheque made out by Essex Company for $1,000 deposited on May 15 is returned by the bank marked NSF.

REQUIRED - Prepare bank reconciliation for Smith Inc. at May 31, 20XX and record the appropriate journal entries. There is a template provided that you can use to answer this question.

Reference no: EM132964308

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