Sky Company is unable to reconcile the bank balance at January 31. Sky’s reconciliation is as follows.
Cash balance per bank $5,300 Add: NSF check 1,570 Less: Bank service charge 35 Adjusted balance per bank $6,835 Cash balance per books $5,705 Less: Deposits in transit 750 Add: Outstanding checks 1,950 Adjusted balance per books $6,905
Instructions
(a) Prepare a correct bank reconciliation.
(b) Journalize the entries required by the reconciliation.
Directions for composing a journal entry.
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