Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

separate book side and bank side Problem 3, In the space provided, please prepare a properly formatted bank reconciliation for the XYZ company a/o 5131/11:

image text in transcribed

separate book side and bank side

Problem 3, In the space provided, please prepare a properly formatted bank reconciliation for the XYZ company a/o 5131/11: The bank statement dated 5/31 showed deposits during May of $35,000 and withdrawals of $32,000. The ending balance on the statement was $15,000 The cash account of XYZ Company showed a balance on 5/1 of $17,000, with debits during the period of $36,000 and credits of $34,000. The bank service charge for May was $30. The bank statement also contained a customer check in the amount of $75 returned for NSF An examination of the bank statement revealed the following data: A deposit on 5/31 of $7,000 was not recorded Outstanding checks were $1,605 Collection made by the bank but not recorded by XYZ, $1,500 6. Show all adjusting entries to the cash account on the books

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Reporting And Analysis

Authors: Michael Diamond, James Stice, Earl K. Stice, James D. Stice

5th Edition

0538873019, 978-0538873017

More Books

Students also viewed these Accounting questions

Question

Explain how a direct department cost can become an indirect cost.

Answered: 1 week ago