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(Solved): Problem 6-20A (Algo) Adjustments to the cash account based on the bank reconciliation LO 6-3 The fol ...



Problem 6-20A (Algo) Adjustments to the cash account based on the bank reconciliation LO 6-3 The following items were included in Wong Company's January Year 1 bank reconciliation. Required: Determine whether each item will require adjustments to the book balance of Wong's cash account and indicate the amount of any necessary adjustment. Note: Amounts to be deducted should be indicated with a minus sign. Service charges of $38 for the month of January were listed on the bank statement. The bank charged a $442 check drawn on Wing Restaurant to Wong’s account. The check was included in Wong’s bank statement. A check of $78 was returned to the bank because of insufficient funds and was noted on the bank statement. Wong received the check from a customer and thought that it was good when it was deposited into the account. A $924 deposit was recorded by the bank as $942. Four checks totaling $902 written during the month of January were not included with the January bank statement. A $73 check written to OfficeMax for office supplies was recorded as $37. The bank statement indicated that the bank had collected a $555 note for Wong. Wong recorded $863 of receipts on January 31, Year 1, which were deposited in the night depository of the bank. These deposits were not included in the bank statement.


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