The records of Derma

The records of Derma

Derma Corporation show the following bank statement information for December:
a. Bank balance, December 31, 2012, $87,450
b. Service charges for December, $50
c. Rent collected by bank, $1,000
d. Note receivable collected by bank (including $300 interest), $2,300

The records of Derma

e. December check returned marked NSF (check was a payment of an account receivable), $200
f. Bank erroneously reduced Derma’s account for a check written by Dunna Company, $1,000
g. Cash account balance, December 31, 2012, $81,200
h. Outstanding checks, $9,200
i. Deposits in transit, $5,000
1. Prepare a bank reconciliation for December.
2. Prepare the entry to correct the cash account as of December 31, 2012.

Is this the question you were looking for? If so, place your order here to get started!