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The receipt of 460 on february 14 was for a 445 note

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Reference no: EM13485467

Daisy Company received a bank statement for February, as follows:

From: Central Bank, Denver, CO 80222

To: Daisy Company, 1313 Williams St., Denver, CO 80218

Date Checks Deposits Balance

Feb. 1 $4,524.80

7 $2,700.33 $8,642.61

9 3,484.81

14 6.00 SC 460.00 CM

16 274.09

21 4,133.60 3,385.49

23 69.69 NSF

28 $6,344.38

SC = Service Charge

NSF =Check Returned

CM = Credit Memo

DM = Debit Memo

The receipt of $460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service charge. The company's accounting records contained the following information:

Cash balance on February 28 from the books: $2,610.42

Cash Disbursements Cash Receipts

Check No. 155 $2,700.33 Feb. 7 $8,624.61

156 3,484.81 21 3,385.49

157 274.09 All receipts are veri?ed and correct.

158 589.02

159 4,133.60

160 2,742.63

Required:

1. Prepare a bank reconciliation on February 28, 2013, for Daisy.

2. Prepare the journal entries that Daisy should record as a result of the reconciliation.

Reference no: EM13485467

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