XYZ had a bank statement balance of $300 at Jan 31. The following were noted: a)...

Transcribed Image Text:

XYZ had a bank statement balance of $300 at Jan 31. The following were noted: a) Outstanding cheques not yet cashed from January were $30. b) An error was made by the company in that a payment was recorded for $64 but should have been recorded for $46. c) Insufficient funds cheque from a customer was discovered of $92 d) A deposit of $99 made on last day of January was reflected in the bank Feb 1. e) An error was made by the bank in that a deposit should have been $20 higher. Required: What is the correct general ledger balance for XYZ at Jan 31? Show your calculations. XYZ had a bank statement balance of $300 at Jan 31. The following were noted: a) Outstanding cheques not yet cashed from January were $30. b) An error was made by the company in that a payment was recorded for $64 but should have been recorded for $46. c) Insufficient funds cheque from a customer was discovered of $92 d) A deposit of $99 made on last day of January was reflected in the bank Feb 1. e) An error was made by the bank in that a deposit should have been $20 higher. Required: What is the correct general ledger balance for XYZ at Jan 31? Show your calculations. XYZ had a bank statement balance of $300 at Jan 31. The following were noted: a) Outstanding cheques not yet cashed from January were $30. b) An error was made by the company in that a payment was recorded for $64 but should have been recorded for $46. c) Insufficient funds cheque from a customer was discovered of $92 d) A deposit of $99 made on last day of January was reflected in the bank Feb 1. e) An error was made by the bank in that a deposit should have been $20 higher. Required: What is the correct general ledger balance for XYZ at Jan 31? Show your calculations.

Answer rating: 100% (QA)

To find the correct general ledger balance for XYZ at Jan 31 we need to adjust the bank statement ... View the full answer