Please help....
Posted: Tue Jul 05, 2022 11:23 am
Please help....
Daisy Company received a bank statement for February, as follows: Date Feb. 1 7 9 14 16 21 23 28 Checks $ 2,700.33 3,484.81 6.00 155 274.09 4.133.60 69.69 156 157 158 159 160 SC NSF 274.09 589.02 Cash balance on February 28 from the books: $2,610.42 $2,700.33 Feb. 7 3,484.81 4.133.60 Cash Disbursements Cash Receipts Ck No. 2,742.63 Deposits SC - Service Charge; NSF-Check Returned, CM = Credit Memo; DM Debit Mema $8.642.61 The receipt of $460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service charge (Miscellaneous expense). The company's accounting records contained the following information: 460.00 21 3.385.49 Note: All receipts are verified and correct. CM $8.624.61 Balance 3,385.49 $ 4,524.80 $ 6,344.38 Required: 1. Prepare a bank reconciliation on February 28, 2016, for Daisy. 2. Prepare the journal entries that Daisy should record as a result of the reconciliation.
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