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Prepare a bank reconciliation going from balance per bank

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Reference no: EM131787646

Problem - Kipling Company deposits all receipts and makes all payments by check

Kipling Company deposits all receipts and makes all payments by check. The following information is available from the cash records.

June 30 Bank Reconciliation

Balance per bank $ 7,000

Add: Deposits in transit 1,540

Deduct: Outstanding checks (2,000)

Balance per books $ 6,540

Month of July Results

Balance July 31 Per Bank $8,650 Per Books $9,250

July deposits Per bank 4,500 per books 5,810

July Checks per bank 4,000 per books 3,100

July note collected (not included in July deposits) per bank 1,500 per books-

July bank service charge per bank 15 per books-

July NSF check from a customer, returned by the per bank 335 per books -(recorded by bank as a charge)

Instructions

(a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.

(b) Prepare the general journal entry or entries to correct the Cash account.

Reference no: EM131787646

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