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Fiona's Flowers received its bank statement for the month ended 12/31/2023. The bank statement showed a balance of $8,810.11. The company's general ledger showed a
Fiona's Flowers received its bank statement for the month ended 12/31/2023. The bank statement showed a balance of $8,810.11. The company's general ledger showed a balance of $8,204.32. The following items were discovered when comparing the bank statement to the books of the company:
- THE BANK CHARGED CHECK PROCESSING FEES OF $10.00
- ON THE BANK STATEMENT, THERE WAS A $2,414.52 AUTOMATIC WITHDRAWAL TO PAY THE COMPANY EQUIPMENT LOAN
- THE BANK CHARGED FIONA'S ACCOUNT FOR $20 FOR AN NSF CHECK. THE CHECK WAS RETURNED TO THE COMAPMNY AND WILL SEEK REPAYMENT OF THE $20 FROM THE CUSTOMER.
- A CHECK FOR $100.50 WAS WRITTEN BY GREEN&GOLD, LLC WAS CLEARED BY THE BANK ON FIONA'S ACCOUNT.
- THE BANK COLLECTED A NOTE RECEIVABLE FOR FIONA IN THE AMOUNT OF $1,075.50 AND DEPOSITED IT TO FIONA'S ACCOUNT.
- THE BANK CHARGED THE COMPANY $55.00 TO PRINT CHECKS.
- THE BANK CORRECTLY CLEARED CHECK #2501 FOR $82. THE COMPANY HAD RECORDED THIS CHECK IN ITS BOOKS FOR $820. THE CHECK HAD BEEN WRITTEN TO PAY UTILITIES.
- A $2,451 DEPOSIT WAS RECORDED ON THE COMPANY BOOKS ON 12/31/2023. THE DEPOST WAS TAKEN TO THE BANK TOO LATE TO BE RECORDED THAT DAY. THE BANK RECORDED THE DEPOSIT ON 1/3/2024.
- OUTSTANDING CHECKS WERE $1,418.31
- FIONA'S INCOME TAX REFUND OF $2,425 WAS DIRECTLY DEPOSITED IN THE BANK ACCOUNT.
T_A_S_K: PREPARE A BANK RECONCILIATION.
ALSO, PREPARE ANY NCESSARY JOURNAL ENTRIES.
THANKS.
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