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Prepare the bank reconciliation as at November

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Reference no: EM132752783

Question - Crain Corp. provided the following information for the month of November:

Cash balance per general ledger, November 30 is $13,003

Cash balance per bank statement, November 30 is 13,409

Outstanding cheques at November 30 is 6,410

Deposits in transit at November 30 is 3,540

Items appearing on the November 30 bank statement that have NOT yet been recorded in the general ledger are as follows: Bank service charges $326

Bank interest on line of credit is 1,121

Customer cheque returned for non-sufficient funds (NSF) is 1,215

A cheque in the amount of $3,456 was correctly issued by Crain Corp. and paid by the bank, but it was incorrectly entered in the general ledger for office supplies as $3,654.

Required -

a) Prepare the bank reconciliation as at November 30.

b) Prepare the journal entries to record the necessary adjustments to the general ledger.

Reference no: EM132752783

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