Green Valery Bank sent Comstock Industries its end of month bank statement for J

Question

Green Valery Bank sent Comstock Industries its end of month bank statement for July . The end of month balance by the bank is $11,017. The statement shows that a deposit for $4,250 is in transit at the statement period. The statement also revealed that checks for 487,4105 and 495 are outstanding. Green valley collected a 44,000note receivable. The bank charges a monthly account fee of 435. The end of month balance per company books is $11,015. Prepare a bank/account reconciliation and write any necessary journal for the reconciliation.

Explanation / Answer

bank reconciliation statement Balance as per cash account             11,015 Add: checks outstanding                287 Note collected            4,000                4,287 deduct: Deposit in transit            4,250 Bank fee charges                  35                4,285 Balance as per bank Statement             11,017 Journal Entries Accounts Debit $ Credit $ Cash                287 Accounts Payable                   287 Cash            4,000 Notes reveivable                4,000 Accounts Receivable            4,250 Cash                4,250 Bank Fee Charges                  35 Cash                      35

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