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Work Out 1) The following information is available for the Savvy Company for the month of June. a. Outstanding checks at June 30 total $2,984.
Work Out 1) The following information is available for the Savvy Company for the month of June. a. Outstanding checks at June 30 total $2,984. b. The bank collected $770 on a note receivable that is not yet recorded by Savvy Company. c. A $67 NSF check from a customer, J. Maroon is shown on the bank statement but not yet recorded by the company. d. A deposit placed in the bank's night depository on June 30 totaling $1,675 did not appear on the bank statement. e. Check # 3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540. f. Included with the bank statement was a bank service charge in the amount of $25. It has not been recorded on the company's books. 1. Prepare the June bank reconciliation for the Savvy Company. Bank. Book Beginning Balance $19,279 Plus: Beginning Balance Plus: $17,202 Deposits in transit 1,675 Error 90 Less: Less: Outstanding checks (2,984) Total Totals 2. Prepare the journal entries to bring the company's book balance of cash into conformity with the reconciled balance as of June 30
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