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The following information is available for the Knox Company. -The October bank statement shows a $1,675 balance. The general ledger shows a $1,842 balance at
The following information is available for the Knox Company.
-The October bank statement shows a $1,675 balance.
The general ledger shows a $1,842 balance at October 31.
The company put a $795 deposit in the bank's night depository on Oclober
31 and it does not appear on the October bank statement.
- Outstanding checks amount to $638 at October 31.
- The bank charged a service fee of $10 that appears on the October 31 bank
statement.
Requirement 1: Prepare a bank reconciliation for Knox Company.
Requirement 2: Prepare necessary journal entry/entries for Knox Company.
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