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Mayer, Inc. has provided the following information concerning it's checking account at October 31, 2013: Prepare the bank reconciliation, in the two column format, for
Mayer, Inc. has provided the following information concerning it's checking account at October 31, 2013:
Prepare the bank reconciliation, in the two column format, for Mayer's checking account at October 31. Include any adjusting entries that may be required as of that date as well.
i Nimi Mayer, Inc. has provided the following information concerning its ch account at October 31, 2013: The balance per the company's checkbook (ledger) at October 31 is $1,642. Mayer's bank statement at October 31 indicates a final balance of $2,247. Included on the bank statement is a deposit in the amount of $545, which Mayer has not included in its cash receipts. The deposit was for a note receivable collected by the bank on Mayer's behalf, in the amount of $500, and interest related to the note in the amount of $45. Included on the bank statement was a check returned from a customer which the bank could not collect due to insufficient funds, in the amount of $180. Mayer was previously unaware of the problem with the customer's check. Mayer issued 12 checks during the month of October, only 9 of which were reported as been paid by the bank on the October bank statement. The checks not appearing on the bank statement were #1817 for $325, #1820 for $260, and # 1821 for $255. In reviewing the bank statement, Mayer noted one deposit, in the amount of $220, that did not belong to the company. The bank statement included service charges for the month of October, in the amount of $24. The bank statement did not include a deposit, in the amount of $350, that Mayer made and recorded on October 31. In reviewing the 9 checks clearing the bank per the bank statement, Mayer noted that check # 1818 was paid by the bank in the amount of $780, which was the correct amount on the check. In reviewing the cash disbursements records, however, Mayer noted that the check was recorded in the amount of $870. 10. The bank statement included an electronic withdrawal, in the amount of $536. for payment of an insurance premium due in October. Mayer was not aware of the payment until the bank statement was received in early November. N oi REQUIRED: Prepare the bank reconciliation, in the two-column format, for Mayer's checking account at October 31. Include any adjusting entries that may be required as of that date as wellStep by Step Solution
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