Prepare bank reconciliation dated June

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Question - The cash account of Sweet Co. showed a ledger balance of $21,899.96 on June 30, 2020. The bank statement as of that date showed a balance of $23,240. Upon comparing the statement with the cash records, the following facts were determined.

1. There were bank service charges for June of $140.

2. A bank memo stated that Bao Dai's note for $6,720 and interest of $201.60 had been collected on June 29, and the bank had made a charge of $30.80 on the collection. (No entry had been made on Sweet's books when Bao Dai's note was sent to the bank for collection.)

3. Receipts for June 30 for $18,984 were not deposited until July 2.

4. Checks outstanding on June 30 totaled $11,961.88.

5. The bank had charged the Sweet Co.'s account for a customer's uncollectible check amounting to $1,417.92 on June 29.

6. A customer's check for $504 (as payment on the customer's Accounts Receivable) had been entered as $336 in the cash receipts journal by Sweet on June 15.

7. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $325.92 had been entered as $3,259.20. Both checks had been issued to pay for purchases and were payments on Sweet's Accounts Payable.

Required -

A - Prepare bank reconciliation dated June 30, 2020, proceeding to a correct cash balance.

B - Prepare entries necessary to make the books correct and complete. Use Office Expense account for bank service charges.

Reference no: EM132608535

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