Answer:
(1) $11,080.00
(2) Journalized entries
Debit Bank charges account $20
Credit Cash account $20
Being entries to recognize bank charges for the month.
Debit Account fee account $35
Credit Cash account $35
Being entries to recognize Account fee charged for the month.
Explanation:
The bank reconciliation statement is as stated below.
Amount in $
Balance per bank statement 11,237.00
Deposit in transit 4,250.00
Outstanding check (287.00)
Note receivable collected (4,000.00)
Interest revenue (120.00)
Bank charges 20.00
Account fee <u> 35.00
</u>
Book balance 11,135.00
Bank charges (20.00)
Account fee <u> (35.00)
</u>
Adjusted book balance <u>11,080.00 </u>
The bank charge and account fee are the transactions that will be adjusted for.
To adjust these items
Debit Bank charges account $20
Credit Cash account $20
Being entries to recognize bank charges for the month.
Debit Account fee account $35
Credit Cash account $35
Being entries to recognize Account fee charged for the month.