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question the cash account of regard corp reported a balance of 3 570 at august 31 20 4283152

Question

The Cash account of Regard Corp. reported a balance of $3,570 at August 31,2016. Included were outstanding checks totaling $1,800 and an August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from Tri State Bank, listed an August 31 balance of $5,476. Included in the bank balance was an August 30 collection of $633 on account from a customer who pays the bank directly. The bank statement also shows a $27 service charge, $30 of interest revenue that Regard earned on its bank balance, and an NSF check for $30. Regard Corp.'s bank reconciliation follows.

Regard Corp.

Bank Reconciliation

August 31, 2016

Bank

Books

Balance, August 31

$5,476

Balance, August 31

$3,570

Add:

Add:

Deposit in transit

500

Bank collection

633

5,976

Interest revenue

30

4,233

Less:

Less:

Outstanding checks

(1,800)

Service charge

(27)

NSF check

(30)

(57)

Adjusted bank balance

$4,176

Adjusted book balance

$4,176

Make the company's journal entries for transactions that arise from the bank reconciliation. Date each transaction August 31, 2016, and include an explanation with each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Record the bank Collection

Record the interest revenue.

Record the bank service charge.

Record the NSF check returned by the bank

 

Regard Corp.

 

 

Bank Reconciliation

 

 

August 31, 2016

 

 

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