Question

Roper Electronics received its bank statement for the month of August with an ending balance of $12,120.00. Roper determined that check #613 for $222.00 and check #601 for $480.00 were both outstanding. Also, a $6,450.00 deposit for August 30th was in transit as of the end of the month. Northern Regional Bank also collected a $5,000.00 notes receivable on August 1st that was issued March 1st at 6% annual interest. No interest revenue has been accrued on this note and Northern Regional Bank charged a $50.00 fee for the collection service.The company’s morning reports resulted in a bank service charge of $25.00 and a customer check for $120.00 was returned with the statement marked “NSF”. The ending balance of the Roper cash account is $12,938.00. Complete a bank/account reconciliation and write any necessary journal entries for the reconciliation.