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On October 31,2024, Damon Companys general ledger shows a cash account balance of $8,397. The...

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Accounting

On October 31,2024, Damon Companys general ledger shows a cash account balance of $8,397. The companys cash receipts for the month total $74,320, of which $71,295 has been deposited in the bank. In addition, the company has written checks for $3,467, of which $1,982 has been processed by the bank.
The bank statement reveals an ending balance of $11,727 and includes the following items not yet recorded by Damon: bank service fees of $150, note receivable collected by the bank of $5,000, and interest earned on the note of $320. After closer inspection, Damon realizes that the bank incorrectly charged the companys account $300 for an automatic withdrawal that should have been charged to another customers account. The bank agrees to the error.
Required:
1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31,2024.
2. Record the necessary entries to adjust the balance for cash.

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