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3. Using the following information, prepare a bank reconciliation for Candace Co. for May 31: (a) The bank statement balance

please help prepare the journal entries after the bank reconciliation and adjusting entries are made

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Answer #1

Bank reconciliation

Unadjusted balance 2936
Add: Deposit in transit 655
3591
Less: Outstanding Check -465
Adjusted balance 3126
Unadjusted balance 3194
Less: Bank Charges -50
Less: Error in Book (97-79) -18
Adjusted balance 3126

Adjusting entry

Date account and explanation Debit Credit
Bank Charges 50
Cash 50
(To record bank Charges)
Supplies (97-79) 18
Cash 18
(To record error)
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