Reference no: EM132483788
Question - Di Stefano Office Supply Company received a bank statement showing a balance of $67,755 as of March 31, 2019. The firm's records showed a book balance of $69,457 on March 31. The difference between the two balances was caused by the following items.
1. A debit memorandum for $45, which covers the bank's collection fee for the note (item 6).
2. A deposit in transit of $3,450.
3. A check for $243 issued by another firm that was mistakenly charged to Di Stefano's account.
4. A debit memorandum for an NSF check of $6,110 issued by Wozniak Construction Company, a credit customer.
5. Outstanding checks: Check 3782 for $1,950; Check 3840 for $146.
6. A credit memorandum for a $6,050 noninterest-bearing note receivable that the bank collected for the firm.
Required -
1. Prepare the bank reconciliation statement for the firm as of March 31.
2. Prepare the necessary journal entries for March 31, 2019 from the statement.
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