(Answered) Problem - on oct 31 2015 devins drills inc had the

Accounting

Problem - On Oct 31, 2015 Devin's Drills Inc. had the following Cash in Bank (Book Balance) of $10,350. The Bank Statement showed an ending Balance of $18,000 at Oct 31 st 2015.

Comparisons of Book to Bank revealed the following Reconciling items:

a. Deposits-in Transit $4,750

b. Outstanding Checks $5,750

c. $125 Bank Service fee

d. The Bank erroneously charged a $320 check against our account

e. The bank collected a $7,350 Note Receivable, plus interest of $350 less a

f. A NSF Check for $285 was returned with the bank statement

g. Devin recorded a deposit from Cash sales of $4,250 as $4,520 collection fee of $50

Required:

a. Prepare a Bank Reconciliation.

b. Record the adjusting journal entries.

c. What is the Ending Balance in Devin's Cash Ledger at Oct 31 st 2015?

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