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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The cash account for Showtime Systems at February 28, 2006, indicated a balance of  $19,144.15.
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                                                   The bank statement indicated a balance of $31,391.40 on February 28, 2006. Comparing the  bank
statement and the accompanying canceled checks and memorandums with the records reveals
the following reconciling items:
a.       Checks outstanding totaled $11,021.50.
b.      A deposit of $6,215.50, representing receipts of February 28, had been made too late to ap- pear on the bank statement.
c.       The bank had collected $6,300 on a note left for collection. The face of the note was $6,000.
d.      A check for $1,275 returned with the statement had been incorrectly recorded by Showtime Systems as $2,175. The check was for the payment of an obligation to Wilson Co. for the purchase of office supplies on account.
e.       A check drawn for $855 had been incorrectly charged by the bank as $585.
f.       Bank service charges for February amounted to $28.75.
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Instructions
1.       Prepare a bank reconciliation.
2.       Journalize the necessary entries. The accounts have not been closed.
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