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Instructions;1. Prepare a bank reconciliation.;2. Journalize the necessary entries. The accounts have not been closed.;The cash account for Interactive Systems...

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Instructions;1. Prepare a bank reconciliation.;2. Journalize the necessary entries. The accounts have not been closed.;The cash account for Interactive Systems at February 28, 2010, indicated a balance of;$7,635. The bank statement indicated a balance of $13,333 on February 28, 2010.;Comparing the bank statement and the accompanying canceled checks and memos;with the records reveals the following reconciling items;a. Checks outstanding totaled $4,118.;b. A deposit of $4,500, representing receipts of February 28, had been made too late to;appear on the bank statement.;c. The bank had collected $5,200 on a note left for collection. The face of the note was;$5,000.;d. A check for $290 returned with the statement had been incorrectly recorded by;Interactive Systems as $920. The check was for the payment of an obligation to Busser;Co. for the purchase of office supplies on account.;e. A check drawn for $415 had been incorrectly charged by the bank as $145.;f. Bank service charges for February amounted to $20.

 

Paper#81649 | Written in 18-Jul-2015

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