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

Question

Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month balance by the bank is $11,237. The statement shows that a deposit for $4,250 is in transit at the end of the statement period. The statement also revealed that checks for $87, $105, and $95 are outstanding. Green Valley collected a $4,000 note receivable plus $120 of interest revenue. The bank charges $20 for the collection service. The bank charges a monthly account fee of $35. The end-of-month balance per company books is $11,135. Required:(1) What is the adjusted balance on the bank reconciliation?(2) Journalize any necessary entries for Comstock Industries based on the bank reconciliation.

Explanation / Answer

1

2

Entry to record adjustments:

Bank balance 11237 Add deposit in transit 4250 Less checks in transit 87 105 95 -287 Adjusted balance 15200

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