Marathon Street Bank sent Flank Industries their end of month bank statement for October. The end of month balance by the bank is $11,229. From the statement, it can be determined that a deposit for $4,250 is in transit at the end of the statement period. Also the statement reveals that checks for $86, $106, and $95 are outstanding. Marathon Street collected a 90 day, 12% interest $4,000 note receivable charging $20 for the service. No interest has been accrued on the note. The bank charges a monthly account fee of $35. The end of month balance per company books is $11,127.
REQUIRED:
Complete a bank/account reconciliation and identify and analyze the relevant transactions that Flank would record for the reconciliation.

Question

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The Answer of Marathon Street Bank sent Flank Industries their end of month bank statement for October. The end of month balance by the bank is $11,229. From the statement, it can be determined that a deposit for $4,250 is in transit at the end of the statement period. Also the statement reveals that checks for $86, $106, and $95 are outstanding. Marathon Street collected a 90 day, 12% interest $4,000 note receivable charging $20 for the service. No interest has been accrued on the note. The bank charges a monthly account fee of $35. The end of month balance per company books is $11,127.
REQUIRED:
Complete a bank/account reconciliation and identify and analyze the relevant transactions that Flank would record for the reconciliation.

Marathon Street Bank Sent Flank Industries Their End of Month