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Prepare the required journal entries from the bank reconciliation below as of the end of J

Prepare the required journal entries from the bank reconciliation below as of the end of January:

The balance per general ledger is $200

There is a debit memo for interest expense, $100

There is a debit memo for a customer's NSF cheque $375

Outstanding cheques amount to $2,000

This month's service charge amounts to $50

Deposits in transit amount to $1,500

67) When completing a bank reconciliation, explain why all adjustments to the chequebook balance require journal entries?

68) What is the difference between a debit and credit memorandum?

69) Construct a bank reconciliation for Candy Land Confectionery as of July 31, 2015, from the following information:

 

Ending chequebook balance$420

Ending bank statement balance320

Deposits in transit220

Outstanding cheques155

Bank service charge (debit memo)35

70) Construct a bank reconciliation for Barco Company as of April 30, 2013, from the following information:

Ending chequebook balance$5,500

Ending bank statement balance$5,300

Deposit in transit$2,000

Outstanding cheques$1,030, $79, $500 and $100

Bank collected a note from ABC Co.$ 300

Recorded cheque as $89 instead of $98 on cheque stub. Correct amount on cheque.

Duke Co. cheque for $200 came back because of insufficient funds

71) Explain why only the chequebook side of the bank reconciliation must be journalized.

Dec 06 2019 View more View Less

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