(Answered) Question prepare the adjusting journal entries that

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Question: Prepare the adjusting journal entries that Frederick Clinic must record as a result of preparing the bank reconciliation in Exercise.

Exercise: Frederick Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2011, its Cash account shows a $15,141 debit balance. Frederick Clinic's June 30 bank statement shows $14,275 on deposit in the bank. Prepare a bank reconciliation for Frederick Clinic using the following information:

a. Outstanding checks as of June 30 total $2,500.

b. The June 30 bank statement included a $125 debit memorandum for bank services.

c. Check No. 919, listed with the canceled checks, was correctly drawn for $645 in payment of a utility bill on June 15. Frederick Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $654.

d. The June 30 cash receipts of $3,250 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

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