The bank returned an nsf check from a customer for

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The bank returned an NSF check from a customer for $360.(7)The bank included a credit memorandum for $1,560 which representscollection of a customer's note by the bank for the company; principalamount of the note was $1,500 and interest was $60. Interest has not beenaccrued.Instructions(a)Prepare a bank reconciliation for Laymon Boat Company at September 30.(b)Prepare any adjusting entries necessary as a result of the bankreconciliation.
Less:(2) Check printing40(6) NSF Check360400Adjusted cash balance per books$6,700Note: Item (3) is not a reconciling item.(b)Sept. 30Cash......................................81Accounts Payable......................................81(To correct error in recording Check No. 138)30Cash......................................1,560Notes Receivable......................................1,500Interest Revenue......................................60(To record collection of note receivable andinterest by the bank)30Miscellaneous Expense..............................................40Cash......................................40(To record check printing charges)30Accounts Receivable......................................360Cash......................................360

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Term
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Laymon Boat Company

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