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Lukas Ltd is preparing bank reconciliation statement for January. The following items are identified. Cash balance as per bank statement $7 900; Cash balance as

Lukas Ltd is preparing bank reconciliation statement for January. The following items are identified.

Cash balance as per bank statement $7 900; Cash balance as per company records $8 750

Bank charges $50

Outstanding deposit $1 200

Outstanding EFTs $400

Required:

Prepare the bank reconciliation statement for January and the necessary adjusting entry. (3.5 marks)

Narrations in the general journals are not required.

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