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Prepare the bank reconciliation for Chen and Chan Ltd

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Reference no: EM132539874

Question - On 30 April 2020 Chen & Chan Ltd had a cash balance as per company records of $5,644.50 debit. The bank statement from Brisbane Bank on that date showed a credit balance of $7,825.35. A comparison of the statement with the cash account revealed the following facts:

a. The bank statement included a debit entry of $60 for bank fees.

b. Unpresented cheques at 30 April totalled $1,276.25, and outstanding deposits were $795.40.

c. Included with the cheques paid was a cheque issued by Smith Pty Ltd to R. Thomas for $600 that was incorrectly charged to Chen and Chan Ltd by the bank.

d. A $3,000 note receivable was collected by the bank for Chen & Chan Ltd on 30 April plus $80 interest. The bank charged a collection fee of $20. No interest has been accrued on the note.

e. On 30 April the bank statement showed a dishonoured cheque of $700 that had been issued by C. Rogers, a customer to Chen & Chan Ltd.

Required -

1. Prepare the bank reconciliation for Chen & Chan Ltd as at 30 April 2020.

2. Prepare the necessary adjusting entries for Chen & Chan Ltd as at 30 April 2020.

3. Narrations are not required.

Reference no: EM132539874

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