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Prepare the bank reconciliation at September

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Reference no: EM132282235

Question - The information below relates to the Cash account in the ledger of Monty Company.

Balance September 1-$17,500; Cash deposited-$64,150.

Balance September 30-$18,344; Checks written-$63,306.

The September bank statement shows a balance of $17,362 on September 30 and the following memoranda.

Collection of $1,963 note plus interest $37 $2,000 NSF check: Richard Nance$895

Interest earned on checking account$52 Safety deposit box rent$72

At September 30, deposits in transit were $4,920, and outstanding checks totaled $2,853.

Prepare the bank reconciliation at September 30.

Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note.

Reference no: EM132282235

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