J 14 points) XYZ Company has the following information a. The e balance statemen

Question

J 14 points) XYZ Company has the following information a. The e balance statement was $ 15,436. as of July 31, 2012 was $ 15,624 and the balance per bank b. The folowing checks were oustanding as of Jbaly 31,.2012. No. 212 No. 215 No. 217 $270.00 $ 420.00 S 184.00 c. Bank charges ( interest expense)$220 d. Deposit in transit e. Note collected by bank f. A check S 1,470 $1,170 paid by M. Bogart to XYZ Company was returned due to insufficient fund. The check amount was $ 682 g. Bank interest earned $140.00 Prepare bank reconciliation as of July 31, 2012. gecmo. AH alan eK vackmm AHO sained. leta 220 nkiest.cpange. 232AOL 1032 uiea ah nlce

Explanation / Answer

question no 6:No entry required for B, as it already entered in books'

C)

D) for deposit in transit no entry is required

e)

F)

For Bad debts entry

30010

(being 3.75% of accounts recievable is estimated as uncollectable i.e 31500,already it had a credit balance of 1490 so the amount will be 31500-1490 =

bank charges a/c( interest expense ) Dr 220 To cash/bank a/c 220 (Since it is not debited in cash book ,so it should be entered now)

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