Essay
Green Valley Bank sent Comstock Industries its end-of-month bank statement for July.The end of month balance by the bank is $11,237.The statement shows that a deposit for $4,250 is in transit at the end of the statement period.The statement also revealed that checks for $87,$105,and $95 are outstanding.Green Valley collected a $4,000 note receivable plus $240 of interest revenue.The bank charges $20 for the collection service.The bank charges a monthly account fee of $35.The end-of-month balance per company books is $11,135.
Prepare a bank/account reconciliation and write any necessary journal entries for the reconciliation.
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