Bank reconciliation and entries. The following information was taken from the accounting records of Palmetto Company for the month of January:
|
Balance per bank
|
$6,150
|
|
Balance per company records
|
3,580
|
|
Bank service charge for January
|
20
|
|
Deposits in transit
|
940
|
|
Interest on note collected by bank
|
100
|
|
Note collected by bank
|
1,000
|
|
NSF check returned by the bank with the bank statement
|
650
|
|
Outstanding checks
|
3,080
|
Instructions:
a. Prepare Palmetto's January bank reconciliation.
b. Prepare any necessary journal entries for Palmetto