Mark the correct answer related to Bank Reconciliation Statement

Question: The following data are available for Cline Paper Company for March:   Book balance, March 31                     $3,620 Service charges                                          50 Interest revenue                                          35 Note collected by bank                          1,500 Check returned marked NSF                   700   01) What is Cline’s adjusted book balance on March 31 from the above data? a) Read more…

Journal entries based on the following data

Question: Prepare any necessary journal entries based on the following data regarding the bank reconciliation prepared by Ragpicker Company on February 28, 20X6.   a)The service charges for February amount to $55. b)Outstanding checks amount to $650. c)The bank erroneously credited Ragpicker Company’s account for $300 for a deposit made Read more…

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