Question
The cash accounr for Fred's Sports Co. on June 1, 2010 indicated a balance of 16,515. During June, the total cash deposited was 40,150 and
The cash accounr for Fred's Sports Co. on June 1, 2010 indicated a balance of 16,515. During June, the total cash deposited was 40,150 and checks written totaled 43,600. The bank statement indcated a balance of 18,175 on June 30, 2010. Comparing the bank statement, the cancelled checks, and the accompanying memos with the records revealed the following reconciling items: A. Checks outstanding totaled 6,840 B. A deposit of 4,275representing receipts of June 30 had been made too late to appear on the bank statement. C. A check for 640 had been incorrectly charged by the bank as 460. D. A check for 80 returned with the statement had been recorded by Fred's Sports Co. as 800. The Check was for the payment of an obligation to Miliski Co. on account. E. The bank had collected for Fred's Sports Co. 3,240 on an note the face of the note was 3,000. F. Bank service charges for June amounted to 35. G A check for 1,560 from ChimTech Co. was returned by the bank because of the isufficient funds. 1. Prepare a bank reconciliation as of June 30 2. Journalize the necessary entries. The accounts have not been closed
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