Using the following information to prepare a bank reconciliation for XYZ Co. for May 31: (a)...

Using the following information to prepare a bank reconciliation for XYZ Co. for May 31:

(a)	The bank statement balance is $3,936.
(b)	The cash account balance is $4,194.
(c)	Outstanding checks amounted to $465.
(d)	Deposits in transit are $655.
(e)	The bank service charge is $50.
(f)	A check for $97 for supplies was recorded as $79 in the ledger.

Solutions

Expert Solution

XYZ Co Bank Reconciliation for the May 31

Cash Balance as per Bank $3936

ADD : Deposit in transit $655

Less : Outstanding Check ($465)

Adjusted cash balance as per Books $4126

Cash balance as per books $4194

Less : bank charge ($50)

Less : Adjustment for check ($18)

Balance as per books $4126

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ekkarill92 answered 1 year ago

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