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Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month balance by the bank is $11,237. The statement shows

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Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month balance by the bank is $11,237. The statement shows that a deposit for $4,250 is in transit at the end of the statement period. The statement also revealed that checks for $87, 5105, and $95 are outstanding. Green Valley collected a $4,000 note receivable plus $120 of interest revenue. The bank charges $20 for the collection service. The bank charges a monthly account fee of $35. The end-of-month balance per company books is $11,135. Prepare a bank/account reconciliation and prepare any necessary journal entries for the reconciliation. When calculating interest, assume a 360 day year. Comstock Industries Bank Reconciliation July 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to Comstock Industries Adjustments: Total adjustments Adjusted balance Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to Comstock Industries Adjustments: Total adjustments Adjusted balance Record the entry to increase cash first. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Jul. 31 Jul. 31

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