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Prepare mcknights bank reconciliation

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Reference no: EM131706932

Prepare Bank Reconciliation

McKnight Company's June 30 bas statement shows a balance of $14,750. McKnig's books show a 30 cash balance of $13,600. McKnight also has the following information:

1. Deposits in transit as of June 30, $1,000

2. Outstanding checks as of June 30, $2,500

3. $100 service charge reported on the bank statement
4. NSF check returned with bank statement, $1,500

5. Interest on note receivable collected by the bank, $1,250

Required

Prepare McKnight's bank reconciliation as of June 30 and prepare any necessary journal entries resulting from the reconciliation. What is the actual cash balance that should be reported on the June 30 balance sheet?

Reference no: EM131706932

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