On October 31, 2014, Damon Company's general ledger shows achecking account balance of $8,397. The company's cash receipts forthe month total $74,320, of which $71,295 has been deposited in thebank. In addition, the company has written checks for $72,467, ofwhich $70,982 has been processed by the bank. The bank statementreveals an ending balance of $11,727 and includes the followingitems not yet recorded by Damon: bank service fees of $150, notereceivable collected by bank of $5,000, and interest earned on theaccount balance plus from the note of $320. After closerinspection, Damon realizes that the bank incorrectly charged thecompany's account $300 for an automatic withdrawal that should havebeen charged to another customer's account. The bank agrees to theerror.
Required: Given the above information, preparea bank reconciliation showing the adjusted cash balance atmonth-end. You should prepare two columns ? (1) Going fromBook Balance to Adjusted Cash Balance and (2) Going from BankBalance to Adjusted Cash Balance.
Solve: , where , andJun 13 2021
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