Prepare the necessary adjusting entries

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Reference no: EM131828388

Question: On July 31, 2017, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts.

1. The bank service charge for July was $25.

2. The bank collected $1,520 for Keeds Company through electronic funds transfer.

3. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.

4. Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.

5. Checks outstanding on July 31 totaled $1,860.10.

6. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from W. Krueger, a customer, on account.

Instructions : (a) Prepare the bank reconciliation as of July 31.

(b) Prepare the necessary adjusting entries at July 31.

Reference no: EM131828388

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