Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,678 Book balance: $2,351 Deposits in transit: $325 Outstanding checks: $108 and $534 Bank service charges: $25 Notes receivable: $2,000; Interest income: $35

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Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.