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Problem A: Lopez Hair Designs has a company book balance of $63,200 and a bank balance...

Problem A: Lopez Hair Designs has a company book balance of $63,200 and a bank balance of $50,200. The following additional information is available:

Deposits in Transit: $30,000

Outstanding checks: 9,200

Notes Receivable collected by the bank 11,000

Not sufficient funds (NSF) 3,000

Bank fees 110

Lopez Hair Design incorrectly recorded on their books a check (disbursement) for $10 that should have been recorded at $100.

Prepare a reconciliation:

Adjusted balance per bank                

Adjusted balance per books                    

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Answer #1

Adjusted balance per bank:

Amount $

Unadjusted bank balance

50200

Add: deposits in transit

30000

Less: Outstanding checks

-9200

Adjusted Bank Balance

71000

Adjusted balance per books:

Amount $

Unadjusted Book balance

63200

Add:Notes collected by bank

11000

Less:Not sufficient funds check returned

-3000

Less:Bank fees

-110

Less:less disbursement recorded

-90

Adjusted Book balance

71000

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