Can a tutor help me find out what to do here in the following question:
5. Bank reconciliation and entries. The following information was taken from the accounting records of Palmetto Company for the month of January:
|
Balance per bank |
$6,150 |
|
Balance per company records |
3,580 |
|
Bank service charge for January |
20 |
|
Deposits in transit |
940 |
|
Interest on note collected by bank |
100 |
|
Note collected by bank |
1,000 |
|
NSF check returned by the bank with the bank statement |
650 |
|
Outstanding checks |
3,080 |
Instructions:
a. Prepare Palmetto’s January bank reconciliation.
b. Prepare any necessary journal entries for Palmetto.
