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On October 31, 2015, Damon Companys general ledger shows a checking account balance of $8,418....

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Accounting

On October 31, 2015, Damon Companys general ledger shows a checking account balance of $8,418. The companys cash receipts for the month total $74,460, of which $71,330 has been deposited in the bank. In addition, the company has written checks for $72,488, of which $71,108 has been processed by the bank. The bank statement reveals an ending balance of $12,238 and includes the following items not yet recorded by Damon: bank service fees of $220, note receivable collected by bank of $5,700, and interest earned on the account balance plus from the note of $670. After closer inspection, Damon realizes that the bank incorrectly charged the companys account $580 for an automatic withdrawal that should have been charged to another customers account. The bank agrees to the error. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31,2015. Record the necessary entries to adjust the balance for cash

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