solve the question asap. Transcribed Image Text: LO5 P7-9B. Bank Reconciliation The Chicago Skate Company’s bank statement for the month of June indicated a balance of $4,320. The company’s cash

solve the question asap. Transcribed Image Text: LO5
P7-9B. Bank Reconciliation The Chicago Skate Company’s bank statement for the month of June indicated
a balance of $4,320. The company’s cash account in the general ledger showed a balance of $2,464 on
June 30. Other relevant information includes the following:
1. Deposits in transit on June 30 total $2,550.
2. The bank statement shows a debit memorandum for a $10 check printing charge.
3. Check No. 160 payable to Simon Company was recorded in the accounting records for $124 and
cleared the bank for this same amount. A review of the records indicated that the Simon account
now has a $28 credit balance and the check to them should have been $142.
4. Outstanding checks as of June 30 totaled $3,175.
5. Check No. 176 was correctly written and paid by the bank for $345. The check was recorded in
the accounting records as a debit to accounts payable and a credit to cash for $354.
6. The bank returned an NSF check in the amount of $311.
7. The bank included a credit memorandum for S630 representing a collection of a customer’s note.
The principal portion was $610 and the interest portion was $20. The interest had not been accrued.
Required
Prepare the June bank reconciliation for the Chicago Skate Company.
b. Prepare any necessary adjusting entries.
a.

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer