Prepare journal entries necessary to update the cash account

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Question - On September 30, Turner Company's Cash account had a balance of S30,580. On that date, the bank statement had a balance of $29,970. Analysis of the bank statement and comparison of the statement with the records indicated the following:

Deposits in transit at the end of September

$ 11,950

Outstanding checks at the end of September

5,910

Bank service charge

30

Customers returned check. NSF

1,500

Bonk collection of note on our behalf

5,070

Interest income on note

220

In reviewing the records, Turner Company also discovered the following error: A Jones Company deposit of S1,670 was incorrectly credited to Turner Company's account.

Required: Prepare the journal entries necessary to update the Cash account so that its balance is equal to the adjusted balance per bank reconciliation. Make sure to enter the day for each separate transaction.

Reference no: EM131717940

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