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Problem 2 (Bank Reconciliation) High-Tech Company of New York has provided you with the following...

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Accounting

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Problem 2 (Bank Reconciliation) High-Tech Company of New York has provided you with the following cash account information for the month. The company's cash book had a cash balance of $ 5,815.30 while the company's bank account at Fleet Bank showed the balance of $ 7,075.80. A comparison of the cash book and the bank statement revealed the following details: 1. Bank service charge for July was $ 25. 2. The bank collected a note receivable of $ 1,200 for R & Company on July 15, pluss 48 of interest. The bank made a $ 10 charge for the collection. 3. The July receipts of $ 1,819.60 were not included in the July deposits 4. Company check No. 2480 issued to G. Subway a creditor for $ 492 that cleared the bank in July was incorrectly entered in the cash payment journal in July for $ 429. 5. Checks outstanding in July totaled $ 2,480.10. 6. On July 31, the bank statement showed an NSF check of $ 550 for a check received by company from B.N.Diet a customer on account. Instructions: (a) Prepare the bank reconciliation for July 2011 (b) Prepare the necessary adjusting entries at July 31, 2011

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