You have been provided with the following information for XYZ Corporation and its bank,ABC Trust Company.
From the Bank Statement at the end of May 2002: $\begin{array}{|l|r|}
\hline \text { Ending balance } & \$ 30,399.00 \
\hline \text { Bank charges } & 26.10 \
\hline \text { NSF cheque } & 5.400 .00 \
\hline \text { Interest collected on a note for the company by the bank } & 635.10\\hline
\end{array}$ From the cash records of the company at the end of May 2002: Outstanding cheques: Additional information:
Error on cheque No.12.The cheque was correctly drawn for $882.00,but was shown as $828.00 on the bank statement.
(a) Based on the information above,prepare a bank reconciliation.
(b) Show any adjusting entries that would have to be shown on the books of XYZ Corporation.

Question

You have been provided with the following information for XYZ Corporation and its bank,ABC Trust Company.
From the Bank Statement at the end of May 2002: $\begin{array}{|l|r|}
\hline \text { Ending balance } & \$ 30,399.00 \
\hline \text { Bank charges } & 26.10 \
\hline \text { NSF cheque } & 5.400 .00 \
\hline \text { Interest collected on a note for the company by the bank } & 635.10\\hline 
\end{array}$ From the cash records of the company at the end of May 2002:  Outstanding cheques:  Additional information:
Error on cheque No.12.The cheque was correctly drawn for $882.00,but was shown as $828.00 on the bank statement.
(a) Based on the information above,prepare a bank reconciliation.
(b) Show any adjusting entries that would have to be shown on the books of XYZ Corporation.

Quizplus · Accepted Answer

The Answer of You have been provided with the following information for XYZ Corporation and its bank,ABC Trust Company.
From the Bank Statement at the end of May 2002: $\begin{array}{|l|r|}
\hline \text { Ending balance } & \$ 30,399.00 \
\hline \text { Bank charges } & 26.10 \
\hline \text { NSF cheque } & 5.400 .00 \
\hline \text { Interest collected on a note for the company by the bank } & 635.10\\hline 
\end{array}$ From the cash records of the company at the end of May 2002:  Outstanding cheques:  Additional information:
Error on cheque No.12.The cheque was correctly drawn for $882.00,but was shown as $828.00 on the bank statement.
(a) Based on the information above,prepare a bank reconciliation.
(b) Show any adjusting entries that would have to be shown on the books of XYZ Corporation.

You Have Been Provided with the Following Information for XYZ