Part 1: Prepare a bank reconciliation for may. Part 2: 1. Record the interest of $110 receipt from the bank. 2. Record the return of the customer check of $260 due to insufficient funds. 3. Record the service charges of $70 deducted by the bank. Part 3: 1. After the reconciliation journal entries are posted what balance will be reflected in the cash amount in the ledger? 2.  4. If the company also has $60 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what totall amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?
Part 1: Prepare a bank reconciliation for may. Part 2: 1. Record the interest of $110 receipt from the bank. 2. Record the return of the customer check of $260 due to insufficient funds. 3. Record the service charges of $70 deducted by the bank. Part 3: 1. After the reconciliation journal entries are posted what balance will be reflected in the cash amount in the ledger? 2.  4. If the company also has $60 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what totall amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Part 1:
Prepare a bank reconciliation for may.
Part 2:
1. Record the interest of $110 receipt from the bank.
2. Record the return of the customer check of $260 due to insufficient funds.
3. Record the service charges of $70 deducted by the bank.
Part 3:
1. After the reconciliation journal entries are posted what balance will be reflected in the cash amount in the ledger?
2.  4. If the company also has $60 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what totall amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?
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