An accounting clerk for Lock-It Co. prepared the following bank reconciliation:

a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Lock-It Co., using the format shown in the illustrative problem.

b. If a balance sheet were prepared for Lock-It Co. on October 31, 2008, what amount should be reported for cash?objs. 4, 5

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Lock-It Co. Bank Reconciliation October 31, 2008 Cash balance according to company's records Add: Outstanding checks...usica Error by Lock-It Co. in recording Check No. 1007 as $4,715 instead of $4,175. Note for $5,000 collected by bank, including interest Deduct: Deposit in transit on October 31 Bank service charges. Cash balance according to bank statement $ 9,305.60 $ 7,115.35 540.00 5,375.00 13,030.35 $22,335.95 $13,690.45 45.00 13,735.45 $ 8,600.50