Questions 1, 2 & 3 will use the following information:Using the following information, prepare a bank reconciliation for Salem Co. for May 31, 2010.(a) The bank statement balance is $2,597.(b) The cash account balance is $2,680.(c) Outstanding checks amounted to $703.(d) Deposits in transit are $732.(e) The bank service charge is $25.(f) Interest added to the checking account by the bank is $7.(g) A check drawn for $59 was incorrectly charged by the bank as $95.Questions 4 & 5 will use the following information: The bank statement for Marley Co. indicates a balance of $10,000.50 on June 30, 2010.The cash account in the depositor's records had a balance of $4,677.10. Prepare a bank reconciliation on the basis of the following reconciling items: (a) Cash sales of $342 had been erroneously recorded as $324.(b) Deposits in transit not recorded by bank, $700.(c) Bank debit memorandum for service charges, $30.(d) Bank credit memorandum for note collected by bank, $2,050, including $50 interest.(e) Bank debit memorandum for $207.40 NSF (not sufficient funds) check from Alice Martin, a customer.(f) Checks outstanding, $4,192.80.
Questions 1, 2 & 3 will use the following information:Using the following information, prepare a bank reconciliation for Salem Co. for May 31, 2010.(a) The bank statement balance is $2,597.(b) The cash account balance is $2,680.(c) Outstanding checks amounted to $703.(d) Deposits in transit are $732.(e) The bank service charge is $25.(f) Interest added to the checking account by the bank is $7.(g) A check drawn for $59 was incorrectly charged by the bank as $95.Questions 4 & 5 will use the following information: The bank statement for Marley Co. indicates a balance of $10,000.50 on June 30, 2010.The cash account in the depositor's records had a balance of $4,677.10. Prepare a bank reconciliation on the basis of the following reconciling items: (a) Cash sales of $342 had been erroneously recorded as $324.(b) Deposits in transit not recorded by bank, $700.(c) Bank debit memorandum for service charges, $30.(d) Bank credit memorandum for note collected by bank, $2,050, including $50 interest.(e) Bank debit memorandum for $207.40 NSF (not sufficient funds) check from Alice Martin, a customer.(f) Checks outstanding, $4,192.80.
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