Question

On October 31, 2021, Damon Companys general ledger shows a checking account balance of $8,415. The companys cash receipts f2. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select Nothe second entry is " record the amounts that decrease cash"

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Answer #1
Damon Company
Bank Reconciliation
October 31, 2021
Bank's cash balance Company's book balance
Per bank statement $       12,165 Per general ledger $         8,415
Deposits outstanding ($74440-$71325) $         3,115 Service fees $           -210
Check outstanding ($71090-$72485) $        -1,395 Notes received $         5,600
Bank error $             540 Interest earned $             620
Bank balance per reconciliation $       14,425 Company balance per reconciliation $       14,425
Date Account Titles and Explanation Debit Credit
1 October 31, 2021 Cash $         6,220
Note receivable $                                                             5,600
Interest revenue $                                                                620
2 October 31, 2021 Service fees expense $             210
Cash $                                                                210
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