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You also agreed to prepare LLs March 2021 bank reconciliation (in good form) based on the following information as at March 31: The bank account
You also agreed to prepare LLs March 2021 bank reconciliation (in good form) based on the following information as at March 31:
- The bank account had a balance of $1,081,600. According to the bank statement, LL received an EFT of $235,000 on account from Carol Wolfe, one of its landscaping customers, and incurred bank service charges of $100.
- The cash account had a balance of $1,133,200 according to the unadjusted trial balance.
- Deposits in transit totaled $615,900.
- Outstanding cheques totaled $302,400.
- The accounting technician who assists with LLs accounting made a transposition error when recording the wages paid to LLs employees for March, recording an amount of $63,000 when the amount should have been $36,000.
Although you intend to prepare the bank reconciliation, you do NOT intend to prepare any journal entries that are required as a result of the bank reconciliation. Instead, you will have the accounting technician do so the next time she works on LLs account. You plan to provide detailed supporting calculations and round all amounts to the nearest dollar (5 marks).
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