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Yess Amir CPA, representing PT Monolever Indonesia is meeting with a representative of Doyche...

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Accounting

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Yess
Amir CPA, representing PT Monolever Indonesia is meeting with a representative of Doyche Bank to discuss the company's bank balances. The two will review the company's cash report as well as the bank statement to reconcile discrepancies for the month October 2020. The following information from both companies are presented: Doyche Bank PT Monolever Bank Statement Disbursement Receipts Balance Deposits $2,400 Note Payment from $2,100 customer (include interest 5%) Checks cleared $250 during May Bank Service $70 Charges Balance, October 30, $6,784 2017 PT Monolever Cash Account (Cash on Bank only) Balance, October 1, 2020 $2,277 Deposits during October 2020 $3,500 Checks written during ($1,000) October 2020 Additionally, the two found that Monolever issued a check to a creditor for $575 that cleared the bank in July was incorrectly entered in the cash payments journal in October 10 for $557. Instructions: a. Prepare bank reconciliation b. Prepare necessary journal entries related to reconciliation

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