Xenon inss august 31 bank statement had an ending cash

Assignment Help Accounting Basics

Reference no: EM13599899

Xenon, Ins's August 31 bank statement had an ending cash balance of $2,567. ON August 31, Xenon's general ledger showed a balance of $860. After comparing the general ledger to the bank statement, the following items were noted:
- Outstanding check, $2,250
- Interest paid by the bank, $12
- An NSF check from one of Xenon's customers, $32
- Deposits in transit, $1,900
- Service fee changed by the bank, $8
- A direct deposit from a customer, $1,400
- Check #345 was written to Acme Insurance; the amount of the check was $615. It was recorded in the general ledger for $600.

a.) Prepare a bank reconciliation for Xenon, Inc.
b.) Make the required journal entries associated with the bank reconciliation.
c.) Discuss the benefits and' drawbacks of maintaining a checking account at a financial institution rather than paying all bills in cash.

Reference no: EM13599899

Questions Cloud

If income tax expense for the current year was 34500 and : the cash flows from operating activities are reported by the direct method on the statement of cash flows. determine

Suppose that wilke investigating uses the cash basis of : the following information pertains to the operations of wilke investigating a private detective agency for december

The good sounds corp is attempting to get a better estimate : the good sounds corp. is attempting to get a better estimate of the cost of their products. as a first step they are

Sep 30 garrett is party to a lawsuit for copyright : the following transactions of brooks garrett occurred during 2012 apr 30 garrett is party to a patent infringement

Xenon inss august 31 bank statement had an ending cash : xenon inss august 31 bank statement had an ending cash balance of 2567. on august 31 xenons general ledger showed a

Compute net income under each of the two alternatives does : in its first year of business rideaway bikes has net income of 145000 exclusive of any adjustment for bad debts

The billboard for the florida lottery announces an 18000000 : the billboard for the florida lottery announces an 18000000 prize to the winner. the winner has the option of receiving

Compare the manufacturing merchandising and service sectors : compare the manufacturing merchandising and service sectors. how do they differ as to the kinds of businesses in each

As the result of a large inheritance from her grandmother : as the result of a large inheritance from her grandmother marcy has a substantial investment portfolio. the securities

User Account

All Pages