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Perform bank reconciliation to reconcile book balance

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Reference no: EM133026524

Question - The bank statement for Winterland Inc. had an ending cash balance of $2,500 on August 31, 2021. On this date the cash balance in their general ledger was $3,750. After comparing the bank statement with the company records, the following information was determined:

-On August 30, the bank deposited $60 for interest earned.

-Deposits in transit on August 31 totalled $3,410.

-The bank returned an NSF cheque in the amount of $600 that Winterland Inc. deposited on August 20. The NSF service fee was $10 (charged to Winterland).

-The bank withdrew $40 for bank service charges.

-A direct deposit received from a customer on August 30 in payment of their accounts totaling $2,750. This has not yet been recorded by the company.

REQUIRED -

Part 1 - Perform a bank reconciliation to reconcile the bank and book cash balance.

Part 2 - Journalize the entries for the company after the bank reconciliation.

Reference no: EM133026524

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