Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of month balance by the bank is $12,850.00. The statement shows that a deposit for $4,000 is in transit at the end of the statement period. The statement also revealed that checks for $37.00, $45.00, and $186.00 are outstanding. Green Valley collected a 90 day, 12% interest $5,000.00 note receivable charging $25 for the service. No interest has been accrued on the note. The bank charges a monthly account fee of $50.00. The end of month balance per company books is $11,582.00. Complete a bank/account reconciliation and write any necessary journal entries for the reconciliation.
Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of month balance by the bank is $12,850.00. The statement shows that a deposit for $4,000 is in transit at the end of the statement period. The statement also revealed that checks for $37.00, $45.00, and $186.00 are outstanding. Green Valley collected a 90 day, 12% interest $5,000.00 note receivable charging $25 for the service. No interest has been accrued on the note. The bank charges a monthly account fee of $50.00. The end of month balance per company books is $11,582.00.
Complete a bank/account reconciliation and write any necessary
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