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"Q1) Bank Reconciliation Xenon, Inc.'s August...




"Q1) Bank Reconciliation Xenon, Inc.'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 checks, $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 charged by the bank, $8 ? A direct deposit from a customer, $1,400 ? Check #345 was written to Acne insurance, the amount of the check was $615. It was recorded in the general ledger for $600. Required: (a) Prepare a bank reconciliation for Xenon Inc. (b) Make the required journal entries associated with the bank reconciliation. (c) Discuss the benefit and drawback of maintaining a checking account at a financial institution rather than paying all bills in cash. Please answer the attach, thank you"


Paper#6579 | Written in 18-Jul-2015

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