Assignment
Use the following information as help on answering the questions:
A deposit of $5,794.62 is in transit
Outstanding checks total $1,533.25
The book balance is $5,695.62
The bookkeeper recorded a $1,524.00 check as $15,240 in payment of the current months rent
The bank balance on September 30, 2015 was $16,600.25
A deposit of $300 was credited by the bank for $3,000
A customer's check for $1,180 was returned for non sufficient funds
The bank service charge is $70
1) Complete a bank reconciliation as of October 31, 2016.
2) Prepare any journal entries that would be necessary.