Merkle Company deposits all receipts in the bank each

evening
Merkle Company deposits all receipts in the bank each evening and makes all payments by
check. On November 30, its ledger balance of cash is $ 3,219.72. The bank statement balance
of cash as of November 30, is $ 3,490.72. You are given the following information with which to
reconcile the bank statement: a. A deposit of $ 525.30 was placed in the night depository on
November 30 and did not appear on the bank statement. b. The reconciliation for October, the
previous month, showed three checks outstanding on October 31: no. 728 for $ 80.20, no. 731
for $ 129.00, and no. 732 for $ 145.34. Check no. 728 and no. 731 were returned with the
November bank statement; however, check no. 732 was not returned. c. Check no. 743 for $
42.00, no. 744 for $ 16.20, no. 745 for $ 119.00, and no. 746 for $ 35.26 were written during
November but were not returned by the bank. d. A $ 150 personal withdrawal by C. R. Merkle,
the owner, using an ATM, was not recorded. e. Included in the bank statement was a bank debit
memo for service charges, $ 19. f. A bank credit memo was also enclosed for the collection of a
note signed by O. L. Leland, $ 607.50, including $ 600.00 principal and $ 7.50 interest.
Required 1. Prepare a bank reconciliation as of November 30 assuming that the debit and credit
memos have not been recorded.2. Record the necessary entries in general journal form.View
Solution: Merkle Company deposits all receipts in the bank each evening
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