Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March
Question:
Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March 31, 2019. The firm's records showed a book balance of $71,487 on March 31. The difference between the two balances was caused by the following items. Prepare a bank reconciliation statement for the firm as of March 31 and the necessary journal entries from the statement:
1. A debit memorandum for $40, which covers the bank's collection fee for the note (item 6).
2. A deposit in transit of $4,700.
3. A check for $348 issued by another firm that was mistakenly charged to Di Stefano's account.
4. A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer.
5. Outstanding checks: Check 3782 for $2,200; Check 3840 for $251.
6. A credit memorandum for a $7,300 noninterest-bearing note receivable that the bank collected for the firm.
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