Question - Bank reconciliation >so, Commander Company bank statement for the month of March showed a balance per bank of $7,284. The company's CASH ACCOUNT in the general ledger had a balance of 7,284 at March 31.
1. Deposits in transit totaled $1,500
2. The bank statement shows a debit memorandum for $28 for service charges.
3. Outstanding checks totaled $591
4. The bank included a credit memorandum for $916 which represents collection of a customer's note by the bank for the company; principal amount of the note was $900, interest was $36, and less fee of $20. Interest has not been accrued
Show a bank reconciliation for Commander Company at March 31. Show the adjusting entries needed to balance the company's cash account to the bank's balance.
a. Balance per bank $7,263 b Balance per Company $7,284.