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The August 31 bank statement of Wallace Healthcare has just arrived from Herkimer Bank. To prepare the bank reconciliation, you gather the following data: (Click
The August 31 bank statement of Wallace Healthcare has just arrived from Herkimer Bank. To prepare the bank reconciliation, you gather the following data: (Click the icon to view the data.) Read the requirements. a. The August 31 bank balance is $5,510. b. The bank statement includes two charges for NSF checks from customers. One is for $410(#1), and the other is for $160(#2). c. The following Wallace Healthcare checks are outstanding at August 31: d. Wallace collects from a few customers by EFT. The August bank statement lists a $1,800 EFT deposit for a collection on account. e. The bank statement includes two special deposits that Wallace hasn't recorded yet: $950 for dividend revenue, and $70 for the interest revenue Wallace earned on its bank balance during August. f. The bank statement lists a $120 subtraction for the bank service charge. g. On August 31, the Wallace treasurer deposited $290, but this deposit does not appear on the bank statement. h. The bank statement includes a $900 deduction for a check drawn by Multi-State Freight Company. Wallace notified the bank of this bank error. h. The bank statement includes a $900 deduction for a check drawn by Multi-State Freight Company. Wallace notified the bank of this bank error. i. Wallace's Cash account shows a balance of $3,000 on August 31 . Requirements 1. Prepare the bank reconciliation for Wallace Healthcare at August 31, 2024. 2. Journalize any required entries from the bank reconciliation. Include an explanation for each entry
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