Bank Reconciliation and Adjusting Entries The cash account of ABC Co. showed a ledger balance of $3,969.85 on June 30, 2010. The bank statement as c that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. ? There were bank service charges for June of $25. ? A bank memo stated that Bao Dai's note for $1,200 and interest of $36 had been collected on June 29, an: the bank had made a charge of $5.50 on the collection. (No entry had been made on ABC's books when Bao Dai's note was sent to the bank for collection.) ? Receipts for June 30 for $3,390 were not deposited until July 2. ? Checks outstanding on June 30 totaled $2,136.05. ? The bank had charged the ABC Co.'s account for a customer's uncollectible check amounting to $253.20 Ol June 29. ? A customer's check for $90 had been entered as $60 in the cash receipts journal by ABC on June 15. ? Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $58.20 had been entered as $582. Both checks had been issued to pay for purchases of equipment. Instructions Prepare a bank reconciliation dated June 30, 2010, proceeding to a correct cash balance. Prepare any entries necessary to make the books correct and complete.
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