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The following information relates to WIZARD Company: The bank collected a $20,000 note for WIZARD Company in October plus interest of $1,500, less a bank
The following information relates to WIZARD Company: The bank collected a $20,000 note for WIZARD Company in October plus interest of $1,500, less a bank collection fee of $500. The collection has not been recorded by WIZARD Company. The cash balance per bank statement on October 31 was $80,000. Outstanding checks on October 31 totaled $4,000. Deposits in transit on October 31 amounted to $15.000. The cash balance per books on October 31 was $74,500. WIZARD Company received a $5,000 check from a customer for services provided. The company recorded this check in its books by increasing its cash ledger balance by $5,000. Upon receiving the check, the bank increased the company's bank balance by $500. Required: Prepare bank reconciliation at October 31
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