The following information was taken from the accounting records of Palmetto Company for the month of January
Question;5. Bank;reconciliation and entries. 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.
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