Find out true cash balance by preparing the bank

Reference no: EM13451720

As of May 31, 2013, the bank statement showed an ending balance of $26,100. The unadjusted Cash account balance was $27,350. The following information is available:

1. Deposit in transit, $6,981
2. Credit memo in bank statement for interest earned in May, $36
3. Outstanding check, $5,720
4. Debit memo for service charge, $25

Required

a. Determine true cash balance by preparing a bank reconciliation as of May 31, 2013, using the preceeding information.

b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance.

Reference no: EM13451720

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