You have just received the 30 June 2020 bank statement of Zoom Electronics from Costco Bank

You have just received the 30 June 2020 bank statement of Zoom Electronics from Costco Bank. To assist you in your bank reconciliation, you have gathered the following information:

i. Zoom Electronics' cash account shows a balance of $2,900 on 30 June.

ii. The bank statement includes two dishonoured cheques from customers of $400 (cheque number 190) and $110 (cheque number 192).

iii. The following Zoom Electronics cheques are outstanding at 30 June:

Cheque number Amount

137 $50

188 $170

191 $520

194 $580

195 $50

196 $140

iv. Zoom Electronics collects from some customers through EFT. The June bank statement lists a $1,300 EFT deposit for a collection on account.

v. The bank statement includes two deposits that Zoom Electronics has not recorded yet: $970 for dividend revenue and $80 interest revenue earned.

vi. The bank statement included a $30 bank service charge.

vii. On 30 June, Zoom Electronics deposited $350 but this deposit is not reflected on the bank statement.

viii. The bank statement included a $1,000 deduction for a cheque drawn by Webex Ltd. Zoom Electronics has notified the bank of this error.

ix. The 30 June 2020 bank balance is $4,870.

Requirements:

a. Prepare the bank reconciliation for Zoom Electronics at 30 June 2020.

b. Record the necessary journal entries (including narrations) from the bank reconciliation