Question 5 (14 points) XYZ Company has the following information. The balance pe

Question

Question 5 (14 points) XYZ Company has the following information. The balance per books as of July 31, 2012 was S 15,624 and the balance per bank a. statement was S 15,436. b. The following checks were outstanding as of July 31, 2012. $270.00 S 420.00 $184.00 No. 212 No. 215 c. d. e. No. 217 Bank charges ( interest expense)$220 Deposit in transit Note collected by bank $1,170 $ 1,470 t A check puid by M. Bogar 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.

Explanation / Answer

Bank Reconciliation Balance per book 15,436 Add: Deposits in transit 1,470 16,906 less:outstanding checks No. 212 270 no.215 420 no.217 184 874 Adjusted bank balance 16,032 Balance as per books 15,624 Add: Note collected by bank 1,170 interest earned 140 1,310 16,934 less: interest expense 220 NSF 682 902 Adjusted cash balance 16,032

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