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Prepare the AJE Sebastian should make

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Problem - Sebastian Company accounts for and deposits all of it cash collections immediately upon receipt. Sebastian also makes all payments by check. Sebastian's 10-31 "cash balance per books was $46,925. While completing its October bank reconciliation, Sebastian identified the following:

Deposits in transit $7,200

Outstanding checks 17,000

Bank service charge 30

Returned check marked NSF from one of Sebastian's customers 750

Required - Prepare the AJE(s) Sebastian should make as a result of completing its October bank reconciliation.

Reference no: EM132895847

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