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Journalize the entries required by the reconciliation

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Reference no: EM131732688

Problem - Sky Company is unable to reconcile the bank balance at January 31. Sky's reconciliation is as follows.

Cash balance per bank                                                 $5,300

Add: NSF check                                                              1,570

Less: Bank service charge                                                   35

Adjusted balance per bank                                          $6,835

Cash balance per books                                               $5,705

Less: Deposits in transit                                                   750

Add: Outstanding checks                                               1,950

Adjusted balance per books                                        $6,905

Instructions

(a) Prepare a correct bank reconciliation.

(b) Journalize the entries required by the reconciliation.

Reference no: EM131732688

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