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On December 31, 2020, Marcus Shanes accounting records indicated a cash balance of $8,500, while its December bank statement indicated a month-end balance of $7,930.
On December 31, 2020, Marcus Shanes accounting records indicated a cash balance of $8,500, while its December bank statement indicated a month-end balance of $7,930. The following reconciling items were identified: Bank service charges of $50 Outstanding cheques of $200 A NSF cheque of $400 plus a $25 fee Deposits in transit of $300 Interest earned of $5 REQUIRED: A. Prepare a bank reconciliation at December 31, 2020. B. Prepare the necessary journal entries based on the bank reconciliation you completed for Jen's Jellybeans in the question above.
On December 31, 2020, Marcus Shanes accounting records indicated a cash balance of $8,500, while its December bank statement indicated a month-end balance of $7,930. The following reconciling items were identified:
Bank service charges of $50
Outstanding cheques of $200
A NSF cheque of $400 plus a $25 fee
Deposits in transit of $300
Interest earned of $5
REQUIRED:
A. Prepare a bank reconciliation at December 31, 2020.
B. Prepare the necessary journal entries based on the bank reconciliation you completed for Jen's Jellybeans in the question above.
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