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What is the revised cash balance in the books of xavier co

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Reference no: EM133183102

Question - Xavier Co's cash account was last reconciled on November 30, 2021. The unadjusted cash balance at December 31, 2021 was $123,251. The following information was provided for reconciling the bank balance for December 31, 2021.

Interest on the bank loan of $4,000 was charged on the bank statement

The bank service charge for the month of $88 is included on the bank statement

Outstanding cheques at December 31, 2021 were $66,500

The December 30 and December 31st deposits of $45,390 and $34,280 were recorded on January 4, 2022.

An NSF cheque for $1,860 was returned with the December bank statement. This cheque will be re-deposited in January. The company has not yet made an entry for this.

One of the cheques that cleared was recorded for $3,535. The bank statement shows $3,355 which was the correct amount. The cheque was for a payment of general office expenses.

The bank statement balance at December 31, 2021 was $106,173

Required -

1. Record any adjusting journal entries in Xavier Co's accounting records.

2. What is the revised cash balance in the books of Xavier Co?

3. Prepare reconciliation of the bank balance to the book balance for December 31, 2021.

Reference no: EM133183102

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