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Looking for a broken-down explanation of the answers. Patricia Lansbury Company deposits all receipts and makes all payments by check. The following information is available
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Patricia Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconciliation cleared the bank in July. PATRICIA LANSBURY COMPANY Bank Reconciliation July 31 Balance per bank statement, July 31^ $ Add ^: Deposits in transit Less v^: Outstanding checks Correct cash balance, July 31 Balance per books, July 31 Add ^: Collection of note 2,100 Less : Bank service charge NSF check Correct cash balance, July 31Step by Step Solution
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