Marlon, Inc., reported a balance of $133 in its cash account at the end of the month. There were $120 of deposits in transit and $105 of checks outstanding. The bank statement showed a balance of $140, service charges of $7, and the collection of a note plus interest. The note had a face value of $25. How much interest did the bank collect for the company? a. $4 b. $3 c. $24 d. $12

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Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.