radon inc s february 28th bank statement showed an ending cash balance of 10 640 on 4373130

Radon, Inc.’s February 28th bank statement showed an ending cash balance of $10,640. On February 28, Radon’s general ledger cash account showed a balance of $10,869. After comparing the general ledger to the bank statement, the following items were noted: • Interest paid by the bank $ 129 • Deposits in transit 760 • Draft of electric bill 620 • Outstanding checks 1,227 • Service fee charged by the bank 25 • Check # 657 was written to Apple Long Distance for $796; this was the amount that was also recorded in the General Journal for $796. The check was processed through the bank for $976. Required: (a) Prepare a bank reconciliation for Radon, Inc. (b) Make the required journal entries associated with the bank reconciliation. (c) It would be possible (though not probable) for a small company do business without a checking account. Discuss the problems that attempting to operate in such a manner would create for the business. View Solution:
Radon Inc s February 28th bank statement showed an ending cash

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