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Question - On May 31, 20xx the cash account of Perkins Supply Company had a balance of $43,820. On that date, the bank statement indicated a balance of $54,600. The bank reported the collection of a note receivable for Perkins of $6,300 plus $300 interest. The $1,700 cheque of the customer, Raymond Frank, was returned by the bank because of insufficient funds. The bank charged perkins $60 for services. The bank erroneously failed to credit a $4,200 deposit to perkins account. It was observed that the bank statement did not include a deposit of $4,700 made by Perkins on May 31 and that cheque totaling to $13,400 issued by Perkins had not cleared by the bank. Perkins recorded an insurance expense payment of $160 as $1,600.
Required -
(a) Provide bank reconciliation (in good form) as of May 31.
(b) Provide, in general ledger form) the entries necessary to adjust Perkins records based on the bank reconciliation.
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