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Requirement Prepare a bank reconciliation of Scott Company at May 31, 2018. The May 31, 2018, ending balance in the General Ledger Cash account was
Requirement Prepare a bank reconciliation of Scott Company at May 31, 2018. The May 31, 2018, ending balance in the General Ledger Cash account was $17,750, The May 31, 2018, ending balance on the bank statement was $18,730. After comparing bank transactions with book (general ledger) transactions for the month of May, the following items are needed to reconcile the bank account statement. Outstanding checits not clearing the bank as of May 31, 2018 totaled $2,990. The bank collected a customer accounts receivable payment on May 1 of $450. An NSF (insufficient funds) check for $1,100 was received from a customer. The bank collected $1,700 note receivable on behalf of the company. There was a Deposit in Transit from May 31 of $1,840. There was a bank service charge for May of $35. There was an automatic bank deduction for an insurance premium payment of $375. The company wrote a check for rent expense for $1,810, but recorded it for $1,000. The correct amount cleared the bank. SCOTT COMPANY Bank Reconciliation, May 31, 2018 BANK BOOK Balance, May 31, 2018 $ Balance, May 31, 2018 ADD: ADD: DEDUCT: DEDUCT: Adjusted bank balance, May 31, 2018 Adjusted book balance, May 31, 2018 Requirement 2 - Journalize any required entries from the bank reconciliation Account Names Date May 31 Debit Credit 31
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