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i dont understand how to do this Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of
i dont understand how to do this
Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of $14,675. The bank statement indicated a balance of $17,340 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling Items: a. Checks outstanding totaled $6,240. b. A deposit of $6,500, representing receipts of April 30, had been made too late to appear on the bank statement c. The bank collected $3,380 on a $3,210 note, including interest of $170. d. A check for $440 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $400. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $40 had been erroneously charged by the bank as $400. f. Bank service charges for April amounted to $55 Step by Step Solution
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