5. Bank reconciliation and entries. The following information was taken from the accounting records of Palmetto Company for the month of January:
Balance per bank $6,150
Balance per company records $3,580
Bank service charge for January $20
Deposits in transit $940
Interest on note collected by bank $100
Note collected by bank $1,000
NSF check returned by the bank with the bank statement $650
Outstanding checks $3,080
Instructions:
a. Prepare Palmetto’s January bank reconciliation.
b. Prepare any necessary journal entries for Palmetto.
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