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The following information is available to the accountant ofHilary Company when preparing the monthly bankreconciliation: Outstandingcheques $500 Bank servicecharges 50 Deposits intransit 1,500

The following information is available to the accountant ofHilary Company when preparing the monthly bankreconciliation:

Outstandingcheques $500

Bank servicecharges 50

Deposits intransit 1,500

Customer note receivable collected bybank 975

Cash balance per ledger (prior toreconciliation) 1,340

a). Assuming the bank doesn’t make any error, what should be theunadjusted cash balance on bank statement?

b). Prepare adjusting journal entries to recordall the necessary adjustments to bring the Cash account to itscorrect balance. Note: No need to present the bankreconciliation.

May 31 2021 View more View Less

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