Consider the following information and prepare a bank reconciliation, along with any resulting journal entries, for XYZ Corporation for the month ended August 31, 2015.

Please enter journal entries for each of the following, if required.

Outstanding deposit

Interest earned

NSF cheque

Bank service charge

Error

Notes receivable collected

Outstanding cheque

17,049 Bank statement balance Add: Outstanding deposit XYZ Corporation Bank Reconciliation July 31, 2015 16,700 Book balance Add: 1,350 Interest earned 18,050 Deduct: Bank service charge 1,000 17,050 Adjusted book balance 6 17,055 5 Deduct: Outstanding cheques: #592 Adjusted bank balance 17,050 Bank Statement To: XYZ Corporation Cheques/Charges/Debits August 31, 2015 Deposits/Credits 1,000 950 850 August 2, 2015 August 7, 2015 August 11, 2015 August 16, 2015 1,350 950 1,000 1,300 #592 August 23, 2015 #598 August 23, 2015 #593 August 23, 2015 #595 August 23, 2015 #596 August 23, 2015 #594 August 23, 2015 #599 August 23, 2015 #597 August 23, 2015 NSF August 23, 2015 Bank service charge August 31, 2015 1,400 1,350 1,050 1,100 1,100 Balance 16,700 17,050 17,050 17,200 17,100 15,750 14,700 13,600 12,500 12,700 12,710 300 Notes receivable collected Interest earned 500 15 5 a) Prepare a bank reconciliation, for XYZ Corporation for the month ended August 31 2015. XYZ Corporation Bank Reconciliation August 31, 2015 Book balance Add: Bank statement balance Add: Deduct: Deduct: Outstanding cheques: Adjusted bank balance Adjusted book balance b) Prepare resulting journal entries, if any. Enter an appropriate description when entering the transactions in the journal. Dat must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). General Journal Account/Explanation Page 33 Credit Date F Debit + - + + + Bank Statement To: XYZ Corporation Cheques/Charges/Debits August 31, 2015 Deposits/Credits August 2, 2015 August 7, 2015 August 11, 2015 August 16, 2015 1,350 950 1,000 1,300 #592 August 23, 2015 1,000 #598 August 23, 2015 950 #593 August 23, 2015 850 #595 August 23, 2015 1,400 #596 August 23, 2015 1,350 #594 August 23, 2015 1,050 #599 August 23, 2015 1,100 #597 August 23, 2015 1,100 NSF August 23, 2015 300 Bank service charge August 31, 2015 5 Balance 16,700 17,050 17,050 17,200 17,100 15,750 14,700 13,600 12,500 12,700 12,710 500 Notes receivable collected Interest earned 15 The NSF cheque for $300 was that of a customer. Cash Date Desc. PR Debit 31/Jul Balance 31/Aug CR10 4,200 31/Aug 2012 Account No. 101 Credit Balance 17,050 21,250 9,900 11,350 Cheques Written No. 593 594 595 596 597 598 599 600 601 Total Cash Disbursements in August 850 1,050 1,400 1,350 1,100 950 1,100 1,100 1,000 9,900 Deposits Made August 7 11 16 31 Total Cash Receipts in August 950 1,000 1,300 950 4,200