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    Bank Reconciliation and Adjusting Entries

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    I need help with this problem. Please put in excel. Thank you.

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    Kipling Company deposits all receipts and makes all payments by check. The following information is available from the cash records.

    June 30 Bank Reconciliation

    Balance per bank $7,000
    Add: Deposits in transit 1,540
    Deduct: Outstanding checks (2,000)
    Balance per books $6540

    Month of July Results

    Balance July 31 Per Bank - $8650 Per Books - 9250

    July Deposits Per Bank - 4500 Per Books - 5810

    July checks Per Bank - 4000 Per Books - 3100

    July note collected (not included in July deposits) Per Bank - 1500 Per Books - (--)

    July Bank service charge Per Bank - 15 Per Books - (--)

    July NSF check from a customer, return by the bank Per Bank - 335 Per Books - (--)
    (recorded by bank as a charge)

    Instructions
    a. Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
    b. Prepare the general journal entry or entries to correct the Cash account

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    Solution Summary

    The solution explains how to prepare the bank reconciliation and the related journal entries

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