Question

Bourne Incorporated reports a cash balance at the end of the month of $2,520. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($81), an NSF check from a customer ($310), a customer’s note receivable collected by the bank ($1,100), and interest earned ($31).
Required:

Record the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Answer:

Company balance$2,170

Service fees: $(67)

NSF check: $(170)

Note received: 1,100

Interest earned: 17

Reconciled company balance: $3,050

Step-by-step explanation:

Answer 2

Reconciled cash balance = 2345 - 74 + 1200 - 240 +24

= $ 3255.

Conclusion : Reconciled cashbalance = $ 3255.

Hope this answers it.