On October 31, 2021, the bank statement for a company shows a balance of $12,676, while the company's records show a balance of $8,436. Information that might be useful in preparing a bank reconciliation follows: --The company’s cash receipts for the month total $74,580, of which $71,360 has been deposited in the bank. --The company has written checks for $72,506, of which $71,216 has been processed by the bank. --Bank service fees of $280 are listed on the bank statement. --In accordance with prior authorization, the bank collected a note receivable of $6,300 and interest earned on the note of $970. --The bank made an automatic withdrawal in error of $820 that should have been charged to different customer’s account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) 2. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
On October 31, 2021, the bank statement for a company shows a balance of $12,676, while the company's records show a balance of $8,436. Information that might be useful in preparing a bank reconciliation follows:
--The company’s cash receipts for the month total $74,580, of which $71,360 has been deposited in the bank.
--The company has written checks for $72,506, of which $71,216 has been processed by the bank.
--Bank service fees of $280 are listed on the bank statement.
--In accordance with prior authorization, the bank collected a note receivable of $6,300 and interest earned on the note of $970.
--The bank made an automatic withdrawal in error of $820 that should have been charged to different customer’s account. The bank agrees to the error.
Required:
1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)
2. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No
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