Bourne Incorporated reports a cash balance at the end of the month of $2,450. A

Question

Bourne Incorporated reports a cash balance at the end of the month of $2,450. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($82), an NSF check from a customer ($490), a customer

Bourne Incorporated reports a cash balance at the end of the month of $2,450. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($82), an NSF check from a customer ($490), a customer

Explanation / Answer

CASH BALANCE AT THE END OF THE MONTH = 2450

ADJUSTMENTS:-

LESS:-BANK SERVICE FESS = (82)

LESS:-NSF CHEQUE = (490)

ADD:-CUSTOMERS NOTE RECEIVABLE COLLECTED BY THE BANK = 1500

ADD:-INTEREST EARNED  = 29

RECONCILED BALANCE FOR CASH = 3407

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