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I need help with the adjusting entries On October 31, 2018, Damon Company's genera edger shows a checking accourt balance of $8,451. The company's cash

I need help with the adjusting entriesimage text in transcribed

On October 31, 2018, Damon Company's genera edger shows a checking accourt balance of $8,451. The company's cash receipts for the mcnth total $74,680, cf which $71,385 has been deposited in the bank. In addition, the company has rtn checks for S72,521, of which $71,306 has been processed by the bank. ank sa erment reveals an ending balance o13,041 and Includes he olov ng items not yet recorded by Damon: bank service ees of $330 note receivable oolected by bank of S3 800 and interest earned on the acc balance plus from the note of $1,220. After closer inspection, Damon realizes that the bank incorrectly charged the oompany's account $1.020 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error Required 1. Prepare a bank reconciliaticn to calculate the correct ending balance of cash on Octaber 31, 2018. (Amounts to be deducted should be indicated with a minus sign.) DAMON CO Bank Reconciliation October 31. 2018 Bank's Cash Balance Company's Cash Balance Per bank statement Deposits cutstanding Bank error Checks cutstanding 13,041 Per general ledger 3,295 Ncte recelved 1,020 Interest camed 8451 6 B00 1,220 330 Service fees Bark balarepeencilial16,14 omcary balace ger e10,141 2. Reoord the necessary entries to acjust the balance for cash. (f no entry is required for a transactionlevent, select No oumal entry required" In the first account field.) View transaction listView journal entry worksheet No Date General Journal Debit Credit October 31, Cash 16,141 2018 2 October 31 1,215 Accounts payable 2018

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