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Speak Rick Neal operates a roller skating center, Neal's Rinks. He has just received the monthly bank statement at October 31 from Sandstone National Bank,
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Rick Neal operates a roller skating center, Neal's Rinks. He has just received the monthly bank statement at October 31 from Sandstone National Bank, and the statement shows an endin balance of $750. Listed on the statement are an EFT rent collection of $330, a service charge of $10, two NSF checks totaling $110, and an $11 charge for printed checks. In reviewing his cash records, Neal identifies outstanding checks totaling $603 and an October 31 deposit in transit of $1,770. During October, he recorded a $310 check for the salary of a part-time employee as $31. Neal's Cash account shows an October 31 balance of $1,997. B Click the icon to view the bank reconciliation.) Requirement 1. Use the bank reconciliation provided to make the journal entries that Neal should record on October 31 to update his Cash account. Include an explanation for each entry. (Record Record the EFT deposit. Journal Entry Date Accounts and Explanations Debit Credit Jun 31Step by Step Solution
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