The information below relates to the Cash account in the ledger of Randy Company Balance March...
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The information below relates to the Cash account in the ledger of Randy Company Balance March 1-$25,700 Balance March 31-$24,600 Total Cash Deposited - $96,000 Checks issued in March-$97,100 Randy Company received the March bank statement which showed a cash balance of $21,325 on March 31. Upon review of the bank statement the following information was noted 1. The bank collected an electronic funds transfer of $1,000 from Davis Corporation. The EFT was to settle a customer's account. 2. At March 31, deposits in transit were $7,238. 3. Randy Company wrote the following check to customers; Check 101-$1,000: Check 102 $2,297. These checks have yet to clear the bank. 4. The bank charged $53 to Randy Company for the rent of a safety deposit box. 5. Interest earned on the checking account was $57. 6. A customer's check for $365 marked NSF was returned by the bank. 7. On March 31, it was discovered that Randy Company wrote a check for $225 but incorrectly recorded it in the books for $252. The check was to settle outstanding Accounts Payable. INSTRUCTIONS: (1) Complete the bank reconciliation at March 31. The headings have been provided for you in the word bank below. Do not use dollar signs in your answers (2) Journalize the entries required by the reconciliation. NOTE Account Titles are not provided in the word bank. Remember journal entries do not contain dollar signs The information below relates to the Cash account in the ledger of Randy Company Balance March 1-$25,700 Balance March 31-$24,600 Total Cash Deposited - $96,000 Checks issued in March-$97,100 Randy Company received the March bank statement which showed a cash balance of $21,325 on March 31. Upon review of the bank statement the following information was noted 1. The bank collected an electronic funds transfer of $1,000 from Davis Corporation. The EFT was to settle a customer's account. 2. At March 31, deposits in transit were $7,238. 3. Randy Company wrote the following check to customers; Check 101-$1,000: Check 102 $2,297. These checks have yet to clear the bank. 4. The bank charged $53 to Randy Company for the rent of a safety deposit box. 5. Interest earned on the checking account was $57. 6. A customer's check for $365 marked NSF was returned by the bank. 7. On March 31, it was discovered that Randy Company wrote a check for $225 but incorrectly recorded it in the books for $252. The check was to settle outstanding Accounts Payable. INSTRUCTIONS: (1) Complete the bank reconciliation at March 31. The headings have been provided for you in the word bank below. Do not use dollar signs in your answers (2) Journalize the entries required by the reconciliation. NOTE Account Titles are not provided in the word bank. Remember journal entries do not contain dollar signs
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