Venturi Office Supplies received a bank statement showing a balance of $73,047 as of March 31, 20X1. The firm's records showed a book balance of $72,987 on March 31. The difference between the two...

Extracted text: Venturi Office Supplies received a bank statement showing a balance of $73,047 as of March 31, 20X1. The firm's records showed a book balance of $72,987 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $40, which covers the bank's collection fee for the note (item 6). 2. A deposit in transit of $3,700. 3. A check for $348 issued by another firm that was mistakenly charged to Venturi's account. 4. A debit memorandum for an NSF check of $4,643 issued by Wilson Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,250; Check 3840 for $141. 6. A credit memorandum for a $7,400 noninterest-bearing note receivable that the bank collected for the firm. Required: 1. Prepare a bank reconciliation statement for the firm as of March 31. 2. Prepare the necessary journal entries for March 31, 20X1 from the statement.


Extracted text: March 31, 20X1 Balance on bank statement Additions: Deductions for outstanding checks: Total outstanding checks Adjusted bank balance Balance in books Additions: Deductions: