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Prepare the necessary adjusting entries as at July

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Question - Zoom Ltd has Cash at Bank balance as per the company's record of $ 5,870 debit on 31st July 2019. The bank statement balance from Commonwealth Bank showed a credit balance of $4,300. You discovered the following, while attempting to reconcile the two records:

1. $1,100 cheque presented to Commonwealth Bank by Zohra Ltd was incorrectly debited to the bank account of Zoom Ltd by Commonwealth Bank in the bank statement.

2. The bank statement showed a debit entry of $120 for bank fees.

3. Included on the bank statement was a credit entry of $950 for the collection of note receivable for Zoom Ltd by Commonwealth Bank.

4. Unpresented cheques amounted to $3,200, and outstanding deposits were $4,500 at 31st July.

Required -

a. Prepare bank reconciliation at 31st July 2019 based on the provided information.

b. Prepare the necessary adjusting entries as at 31st July 2019.

Reference no: EM132527438

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