The following information is available for xyz company ltd. as at 12/31/17 Balance as per bank...

The following information is available for xyz company ltd. as at 12/31/17

Balance as per bank statement $50,207.50

Balance as per general ledger $ 41,608.50

outstanding cheques $9,267

bank service charge $52

NSF checks $616

prepare a bank reconciliation and journal entries

Expert Solution

Bank Reconciliation
Bank Statement Balance		50207.50	Book Balance		41608.50
Deduct:			Deduct:
Outstanding checks	9267	9267	Service charge	52
			NSF Check	616	668
Adjusted Bank Balance		40940.50	Adjusted Book Balance		40940.50

Errors in book are corrected in the books and omissions in bank statements are corrected in bank statements
The entry is passed only for corrections in the books

Transaction	General Journal	Debit	Credit
b.	Miscellaneous Expenses	52
	Cash		52
	(To record bank service charge)

c.	Customer	616
	Cash		616
	(To record NSF check)

ekkarill92 answered 3 years ago

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