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Prepare the bank reconciliation and any required journal entries. Show all work!

From the following data, prepare a bank reconciliation and determine the correct available cash balance for Reed Company as of 2010 October 31.

Balance per bank statement, 2010 October 31 $13,974

Ledger account balance. 2010 October 31 8,088

Proceeds of a note collected by bank not yet entered in ledger (includes $500 of interest) 6,000

Bank service charges not yet entered by Reed Company 18

Deposit in transit 1,680

Outstanding checks:

No. 327 $654

No. 328 $288

No. 329 $390

No. 331 $252

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91528944

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