On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for...

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On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,924. Cash receipts yet to be

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Answer 1

Answer #1

1)
THE DEAN ACTING ACADEMY
Bank Reconciliation
August 31, 2021.
Bank's Cash Balance		Company's Cash Balance
Per bank statement	$6,022	Per general ledger	$7,924
Add: Deposits outstanding	$3,318	Add: Interest earned	$44
Less: Checks outstanding:	-1405	Less: Service fees	($33)

Bank balance per reconciliation	$7,935	Company balance per reconciliation	$7,935

2) Journal Entries
Date	Account Titles and Explanation	Debit	Credit
August 31, 2021.	Service Charges	$33
	Cash		$33
	(To record the payment of bank service charges)
August 31, 2021.	Cash	$44
	Interest Revenue/Interest Receivable		$44
	(To record the interest received)

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