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Determine the true cash balance

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Question - Rexrode Company's bank statement at January 31 showed an ending balance of $24,712.80. The unadjusted cash account balance for Rexrode is $21,245.75. The following data were gathered by Rexrode's accountant:

Outstanding checks as of January 31: $4895.44

NSF check from customer: $183.62

Debit memo related to returned deposit: $20.00

Credit memo for interest earned: $12.00

Deposit in Transit: $1236.77

Required -

a) Determine the true cash balance by preparing a bank reconciliation as of January 31.

b) Record in general journal format the adjusting entries that result from this bank reconciliation.

Reference no: EM132630307

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