Problem 3, In th for the XYZ company a/o 5/31/11 e space provided, please prepar

Question

Problem 3, In th for the XYZ company a/o 5/31/11 e space provided, please prepare a properly formatted bank reconciliation The bank statement 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 dated 5/31 showed deposits during May of $35,000 and 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

Explanation / Answer

Step 1 : Reconciliation of Book Balance (Amount in $)

Balance as per Books (17,000+36,000-34,00) 19,000 Adjustments: Bank Service Charges -30 NSF Checks and fees -75 Deposit on 5/31 not recorded -7,000 Outstanding checks +1,605 Collection made by the bank not recorded +1,500 Adjusted/Corrected Balance per books (as per Bank statement) 15,000

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