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H. Let's practice: The following relates to Lorenzo Music Supplies for the month of October:...

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Accounting

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H. Let's practice: The following relates to Lorenzo Music Supplies for the month of October: 1. Lorenzo Music Supplies received its bank statement, which showed a balance of $23,655. 2. The balance per Lorenzo's books was $11543. ection of a note. The note was for $12,000 and interest was $725 4. There was a deposit in transit for $880. 5. The bank statement showed a charge of $40 for a safety deposit box rente Company. This had erroneously been charged to Lorenzo's account. deposit for cash collected on account was recorded on the bank statement as $85: however, it had been recorded in the journal as $58. Checks outstanding totaled $422. A check was returned marked NSF. The check had been given to Lorenzo by the 7. 8. Fitzgerald Company in the amount of $65. A deposit made by the Lorrance Company for $402 was erroneously credited to 9. Lorenzo's account 10. Check #408, written for Supplies, was for $970 but recorded as $790. 11. The bank statement included an EFT for a $250 quarterly payment of interest expense on a note payable to the bank from Lorenzo. 12. The bank statement included service charges of $49. On a separate sheet of paper, prepare the bank reconciliation and any required adjusting entries

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