bank reconciliation

Groove Company's October 31, 2020, bank statement balance is $9,863 and shows a service charge of S34, interest earned of $8. and an NSF cheque for $720. Deposits in transit total $3,400, and outstanding cheques are $1,600 The bookkeeper incorrectly recorded as $176 a cheque of S167 in payment of an account payable. The company's book balance at October 31, 2020, was $12,400 a. Prepare the bank reconciliation for Groove Company at October 31, 2020 Calculate the adjusted bank balance first and then calculate the adjusted book balance below it. Show that both adjusted balances agree b. Prepare the journal entries needed to update the company's books 00 4 a. Prepare the bank reconciliation for Groove Company at October 31, 2020. Calculate the adjusted bank balance first, and then calculate the adjusted book balance below it show that both adjusted balances agree Let's begin with the bank reconciliation Start with the bank side of the reconciliation and then complete the books side Groove Company Bank Reconciliation October 31, 2020 Bank Balance, October 31, 2020 Add Less Choose from any list or enter any number in the input fields and then continue to the next question. Adjusted bank balance Books Balance, October 31, 2020 Add: Less: Adjusted book balance Show that both adjusted balances agree Enter the total adjusted bank balance and the adjusted book balance to show if the adjusted balances agree Adjusted bank balance = Adjusted book balance 541 9 b. Prepare the journal entries needed to update the company's books (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Record the correction of the book error lar Journal Entry Date Accounts and Explanations Debit Credit Oct 31 0 Record the $8 of interest revenue that Groove Company earned on its bank balance. Journal Entry Date Accounts and Explanations Debit Credit 44 ng Oct 31 bal lar of Record the $34 service charge Journal Entry Date Accounts and Explanations Debit Credit Oct 31 Record the NSF cheque of $720 which was returned by the bank. Journal Entry Date Accounts and Explanations Debit Credit Oct 31