The following information was taken from the accounting records of Palmetto Company for the month of January: Balance per bank $6,150 Balance per company records $3,580 Bank service charge for January $20 Deposits in transit $940 Interest on note collected by bank $100 Note collected by bank $1,000 NSF check returned by the bank with the bank statement $650 Outstanding checks $3,080 Instructions:a. Prepare Palmetto's January bank reconciliation.
b. Prepare any necessary journal entries for Palmetto.