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The John Company maintains a checking account at the Bank of the Cumberland. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2013, bank statement included the following information:
Balance October 1, 2013 32,690Deposits 86,000Checks Processed (75,200)Service Charges (350)NSF Checks (1,600)Monthly Loan Payment deducteddirectly by bank from account(includes 400 in interest) (3,400)Balance October 31, 2013 38,140
The company's general ledger cash (checking) account had a balance of $42,544 at the end of October. Deposits outstanding totaled $4,224, and all checks written by the company were processed by the bank except for those totaling $5,620. In addition, a check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October.
Required:
1. Prepare a bank reconciliation for the month of October.2. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account
conduct a-what-if-analysis
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