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The following relates to Tim's Business entity, not Tim the owner. Tim's business prepares monthly bank reconciliations of his cheque account balance. The bank statement for March 2015 indicated the following: Balance, March 31, 2015 $7,920 Bank service charges for March 20 Interest earned during March 30 NSF (bounced) cheque from a customer previously deposited by Tim 32 Collection of note ($1,000) and the related interest ($40) from customer 1,040 An analysis of cancelled cheques and deposits and the records of Tim revealed the following items: Cheque account balance per Tim's accounting records March 31 $7,170 Outstanding cheques as of March 31 952 Deposits in transit on March 31 1,310 Error in recording cheque # 267 issued by Tim 90 The correct amount of cheque # 267 is $340, but it was recorded as a cash disbursement of $430. The cheque was issued to pay for inventory purchased. The cheque was written correctly and appeared on the bank statement correctly it was just recorded in Tim's Business accounting records incorrectly. Required A) Prepare a bank reconciliation in proper form for March 31, 2015. B) What amount would Tim report his cash balance in the statement of financial position (balance sheet) at March 31, 2015? C) Record the transaction (adjustments) Tim will need as a result of this bank reconciliation process?
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