I need help comparing my answer to the attached question about a bank
I need help comparing my answer to the attached question about a bank reconciliation
Medina Company received its February bank statement on March 6. The statement showed abalance of $316,500. Included on the statement were memoranda showing collections fromMedina customers (A/R), totaling $16,000.The statement also showed a returned check for a customer who paid the balance on his account,for $2,825. The bank charged a returned check fee of $75 for this NSF check. This $75 chargewill be added to the customer’s balance. There were other service charges for the monthlyservice charge and ATM fees, totaling $200. These are bank service charge expenses. Medina’saccountant looked at her accounting records. At the end of February, the cash balance was$312,300. The statement did not reflect a deposit made late on February 28th, for $14,900. Therewere also some outstanding checks, totaling $6,200.Required:a. Determine the adjusted balance in the cash account after completing a bank reconciliation.b. Prepare three journal entries needed due to the reconciliation.a.The adjusted Cash balance is:(Show calculations here.)BooksBankb.Journal entriesAccountDebitCredit
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"
