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    Bank Reconciliation and Journal Entries

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    3. The following information pertains to Stan Co.

    Cash balance per bank, July 31: $7,263.
    July bank service charge not recorded by depositor: $28
    Cash balance per books, July 31: $7,284.
    Deposits in transit, July 31: $1,500.
    Bank collected $800 note for Stan in July, plus $36 interest, less $20 service fee. The collection has not been recorded by Stan, and no interest has been accrued.
    Outstanding checks on July 31st: $691.

    There are two parts to this question:

    Prepare a bank reconciliation at July 31st.
    Prepare the necessary adjusting journal entries.

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    https://brainmass.com/economics/banking/preparing-bank-reconciliation-journal-entries-131242

    Solution Summary

    The solution prepares a bank reconciliation and journal entries.

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