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ACC 205 Week 2 Exercise 5 Bank reconciliation and entries

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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.

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