Bank reconciliation

Bank Reconciliation On May 31, the Cash in Bank account of Wallace Company, a sole proprietership, had a balance of $6,734.75 On that date, the bank statement indicated a balance of $8,726.85. A comparison of returned checks and bank advices revealed the following 1. Deposits in transit May 31 totaled $2.979.96 2. Outstanding checks May 31 totaled $3.397.08 3. The bank added to the account $30.58 of interest income earned by Wallace during May. 4. The bank collected a $2.640 note receivable for Wallace and charged a $22 collection fee. Both items appear on the bank statement. 5. Bank service charges in addition to the collection fee, not yet recorded were $22.00. 6. Included with the returned checks is a memo indicating that L. Ryder's check for $754.60 had been returned NSF. Ryder, a customer, had sent the check to pay an account of $770.00 less a discount of 2% 7. Wallace Company incorrectly recorded the payment of an account payable as $759.00 the check was for $1,056.00