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Schaeffer Company assembled the following information to complete its March 31st cash reconciliation: Cash balance per...

Schaeffer Company assembled the following information to complete its March 31st cash reconciliation:

Cash balance per bank= $12,224

Cash balance per books= $13,580

Deposits in transit= $4,000

NSF check from customer= $256

Bank service charges= $80

Outstanding checks= $2,480

Accounts receivable collected by bank for Schaeffer= $500

(a) Prepare a complete bank/cash reconciliation for March 31st .

(b) Prepare the adjusting journal entries required on March 31st .

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Answer #1

a) Cash Balance as per bank = $12,224

Add: Deposits in transit = $ 4,000

Add: NSF check from customer = $ 256

Add: Bank Service Charges = $ 80

Less: Outstanding Checks = $ 2,480

Less: Accounts receivable collected = $500

Cash balance as per books = $13580

b) Journal Entries in the books of Schaeffer Company

NSF Check from customer: Accounts Receivable A/c...............................Dr. $ 256

To Bank A/c........................................................$ 256

Bank Service Charges : Bank Charges A/c.....................Dr. $ 80

To Bank A/c...............................$ 80

Accounts Receivable collected : Bank A/c.......................................Dr. $ 500

To Accounts Receiavble .............$ 500

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