The Bank Statement for Farmer Co

question 99

Essay

The bank statement for Farmer Co.indicates a balance of $7,735.00 on June 30.After the journals for June had been posted,the cash account had a balance of $4,098.00.Prepare a bank reconciliation on the basis of the following reconciling items:
a Cash sales of $742 had been erroneously recorded in the cash receipts journal as $724.
b Deposits in transit not recorded by bank,$425.
c Bank debit memo for service charges,$35.
d Bank credit memo for note collected by bank,$2,475 including $75 interest.
e Bank debit memo for $256 NSF not sufficient funds check from Janice Smith,a customer.
f Checks outstanding,$1,860.

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Educational institutions that are funded and operated by the government, providing free education to students.

Systematic Racial Discrimination

A form of discrimination that is deeply embedded in the systems and institutions of a society, affecting groups based on race.

Jim Crow Laws

Racial segregation laws enacted in the southern United States, enforced until the 1960s, designed to marginalize African Americans.