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To get the reconciled balance and the ledger to agree, journal entries are prepared according to the information presented in the bank statement. Journal entries
To get the reconciled balance and the ledger to agree, journal entries are prepared according to the information presented in the bank statement. Journal entries would be needed to record automatic payments to vendors and utility companies, the collection of notes receivable and the related interest, and any bank charges. Let's assume that the bank statement revealed that the bank charged the company $100 in bank fees. Please journalize the related entry.
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