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help (45) Peterson Company's general ledger shows a cash balance of $7,560 on May 31 . May cash receipts of $1,210, includedi in the general
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Peterson Company's general ledger shows a cash balance of $7,560 on May 31 . May cash receipts of $1,210, includedi in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1 . The bank statement dated May 31 shows an NSF check from a customer for $150 and a service fee of $80. The bank processes all checks written by the company by May 31 and ists them on the bank statement, except for one check totaling $1,720. The bank statement shows a balance of $7,840 on May 31 Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31 . (Amounts to be deducted should be indicated with a minus sign.) Step by Step Solution
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