Xenon, Inc.’s August 31 Banl Statement had an ending cash balance of $2,657. 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 Acme Insurance; the amount of the check was $615. It was recorded in the general ledger for $600.
Prepare a bank reconciliation for Xenon, Inc.
Make the required journal entries associated with the bank reconciliation.
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