The correct bank reconciliation should be as
follows:
Cash according to the bank statement:
$11,320
less outstanding checks:
- 2,690
add deposits not yet recorded:
+
3,330
________
Correct cash
balance
$11,960
==========
Cash balance according to the books $
7,003
add: note collected by the bank
$4,000
interest collected by the
bank 120
less: bank service fee for note -
18
net note
proceeds
4,108
less check returned NSF funds
- 945
add error in recording
deposit +
1,800
_______
Correct cash
balance
$11,960
=======
I hope this helps you see where the errors were
made.
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