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The bookkeeper at Jefferson Company has not reconciled the bank statement with the cash account saying,...

The bookkeeper at Jefferson Company has not reconciled the bank statement with the cash account saying, "I dont have time". You have been asked to prepare a reconciliation and review the procedures with the bookkeepers.

The April 30, Current year bank statement and the april ledger account for cash showed the following (summarized):

Bank Statement

Checks Deposits Balance
Balance, April 1, Current Year $31,600
Deposits During April $36,700 68,300
Interest Collected 1,320 69,620
Checks cleared during April $45,400 24,220
NFS Check-A. B. Wright 290 23,930
Bank Service Charges 160 23,770
Balance, April 30, Current Year 23,770

Cash (A)

April 1 Balance 25,300 April Checks Written 42,200
April Deposits 43,400

1) Prepare the Journal Entries that the compnay should make as a result of the bank reconciliation (If no entry is needed that no journal entry required is entered)

No. Transaction General Journal Debit Credit
1 A.
2 B.
3 C.
4 D.
5 E.
0 0
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Answer #1

Solution:

Journal Entries
No. Transaction Particulars Debit Credit
1 A No Journal Entry Required
2 B Cash Dr $1,320.00
      To Interest revenue $1,320.00
(Being interest credited by bank)
3 C No Journal Entry Required
4 D Accounts receivables Dr $290.00
       To Cash $290.00
(To record NSF check from customer)
5 E Miscellenous Expenses Dr $160.00
       To Cash $160.00
(Being service charges debited by bank)
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