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The following information is extracted from the bank statement and the accounting records of Sun Corporation for the month of July, 2019: Cash balance from
The following information is extracted from the bank statement and the accounting records of Sun Corporation for the month of July, 2019:
Cash balance from books, July 31 | $1,900.35 |
Cash balance from bank, July 31 | 1,921.20 |
NSF check returned by bank with bank statement | 81.00 |
Note collected by bank on July 31 | 190.00 |
Interest on preceding note | 6.50 |
Bank service charge for July | 4.40 |
Outstanding checks at end of July | 150.00 |
Deposit in transit at the end of July | 240.25 |
Required:
1. | Prepare a bank reconciliation for Sun on July 31, 2019. |
2. | Prepare the journal entries necessary to adjust Suns books on July 31, 2019. |
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