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Prepare the november bank reconciliation for ilima company

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Reference no: EM132718734

The following data have been gathered for ILIMA COMPANY to assist you in preparing the November 30, 2020, bank reconciliation:

a) The November 30 bank balance was $12,000.

b) The bank statement included $90 of service charges.

c) There was an EFT deposit of $2,700 on the bank statement for the monthly rent due from a tenant.

d) Cheques #619 and #621 for $615 and $960, respectively, were not among the cancelled cheques returned with the statement.

e) The November 30 deposit of $13,305 did not appear on the bank statement.

f) The bookkeeper had erroneously recorded a $1,500 cheque as $15,000. The cheque was written to a vendor to pay off an accounts payable.

g) Included with the cancelled cheques was a cheque written by another company for $600, which was deducted from ILIMA COMPANY'S account in error.

h) The bank statement included an NSF cheque written by Kuhio Company for a $1,380 payment on account.

i) The cash account showed a balance of $9,600 on November 30.

Problem 1: Prepare the November 30, 2020, bank reconciliation for ILIMA COMPANY.

Problem 2: Prepare the required adjusting journal entry(s) after preparing the bank reconciliation.

Reference no: EM132718734

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