Question
The following information pertains to Simms Companys April bank reconciliation. $3,550 Balance per bank statement $4,200 Balance per Simms general ledger $ 300 Bank draft
The following information pertains to Simms Companys April bank reconciliation.
$3,550 Balance per bank statement
$4,200 Balance per Simms general ledger
$ 300 Bank draft for April utilities
$ 100 Checks returned for insufficient funds
$1,400 Monthly note payment collected by the bank for Simms
$ 700 Total deposits in transit
$ 400 Checks written by the company but not processed by the bank Simms mistakenly recorded a
$200 deposit from a credit customer as a $2,000 debit to cash and credit to accounts receivable.
A check correctly recorded by Simms as a $500 disbursement was incorrectly processed by the bank as a $50 disbursement. What is the correct balance for Simms' cash based on your bank reconciliation? Prepare the journal entry needed to record reconciling items
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