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Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon

    Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you.
    Brandon Company
    Bank Reconciliation
    May 31, 2017
    Balance per books May 31$9,520
    Add:
    Electronic Fund Transfer$1,072
    Deposit in transit2,4673,539

    $13,059

    Deduct:
    Bank charges$14
    NSF cheque, Rhonda Teal508
    Outstanding cheques1,812
    Error in cheque #78: correctly issued and processed
    by the bank for $770, but incorrectly recorded
    in the books as $730 (Accounts Payable–Delta Co.)
    402,374

    Indicated bank balance$10,685
    Balance per bank statement9,375

    Discrepancy$1,310


    Required:
    1. 
    Prepare a proper bank reconciliation showing the true Cash balance.



    2. Prepare the necessary journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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