Question 1 (A) (7.5 marks)

The accountant of Universe Manufacturing collected the following information: The balance as per bank statement is $3,324.50 on 30 June 2020. On this date, the balance of the companys book is $3,536.50. In addition, the accountant found the following items:

1. Deposits in transit $1,550
2. Outstanding checks: $845
3. Bank statement shows a bank collection from bill receivables $2,400
4. Bank statement shows Interest received of $240
5. Bank service charge in the bank statement is $737
6. Bank statement shows NSF check: $1,410,00

Required: prepare bank reconciliation statement at 30 June 2020.

Question 1 (B) (2+2+2+1.5=7.5 marks)

Newport Manufacturing has prepared the following bank reconciliation statement:

Cash balance per bank statement			$4,560.20
	Add: Deposits in transit		3240
	Less: Outstanding checks		1520
	Adjusted cash balance per bank		$6,280.20
	Cash balance per books		$5,790.20
Add: bank collection_bill receivable			2600
Bank collection_interest			130
	Less: NSF check		$2,020.00
	Bank service charge		220
	Adjusted cash balance per books		$6,280.20

The accountant has not yet prepared the accounting entries in the book.

Required: What would be the entries recorded?