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Ms. AP is unable to reconcile the bank balance at January 31. APs reconciliation is as follows. Cash balance per bank $7,120.40 Add: NSF check
- Ms. AP is unable to reconcile the bank balance at January 31. APs reconciliation is as follows.
Cash balance per bank $7,120.40
Add: NSF check 1,380.00
Less: Bank service charge 50.00
Adjusted balance per bank $8,450.40
Cash balance per books $7,750.40
Less: Deposits in transit 1,060.00
Add: Outstanding checks 1,860.00
Adjusted balance per books $8,550.40
Instructions
(a) Prepare a correct bank reconciliation.
(b) Journalize the entries required by the reconciliation
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