Xanthous Company provided the following bank reconciliationThe following information was taken from the credit memoProblem 2-3 (IAA)on January 31 of the current year:Bank balanceAdd Deposit in transit300,000600,000TotalDeduct Outstanding checks:No. 114115116900,000240,000160,00060,000460,000Adjusted bank balance440,000All receipts of cash are deposited in the bank account. The bankstatement for the month of February is presented below.THIRD BANKChecksDepositDateBalance300,000660,0002,660,Q002,460,0001,960,0001,800,0002,800,0002,300,0003,500,0004,800,0004,250,0004,245,0003,795,0003,265,000Jan. 31Balance forwarded600,0002,000,000240,000Feb.13200,000900,000160,000400,00071,000,0001013500,0001,200,0001,300,0001621550,0005,000 SC1,000,000800,00023242728550,000270,000 CMof February 28:Face of the noteInterest on the note250,00030,000Maturity value of the noteCollection charge280,00010,000270,000Credit to your account61Cs The following data were taken from the cash journals ofXanthous Company:Cash Receipt JournalCash Disbursement JournalCredit Cash200,000900,000-800,000500,000550,000180,0001,000,000120,000250,000DateDebit CashCheck No.Feb. 21172,000,000400,000800,000200,0001,200,0001,300,000550,000450,000611811910120151212012224123281241256,900,0004,500,000Required:a. Prepare bank reconciliation on February 28, showing thebook balances before and after adjustment.b. Prepare journal entries to record the adjustments that areindicated by the bank reconciliation.CS

Name: Xanthous Company provided the following bank reconciliationThe follow
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Xanthous Company provided the following bank reconciliationThe following information was taken from the credit memoProblem 2-3 (IAA)on January 31 of the current year:Bank balanceAdd Deposit in transit300,000600,000TotalDeduct Outstanding checks:No.

1 cheque deposited in January but credited to bank account paasbook in February worth 6,00,000 so no…

Business

Accounting

The following data were taken from the cash journals of Xanthous Company: Cash Receipt Journal Cash Disbursement Journal Credit Cash 200,000 900,000- 800,000 500,000 550,000 180,000 1,000,000 120,000 250,000 Date Debit Cash Check No. Feb. 2 117 2,000,000 400,000 800,000 200,000 1,200,000 1,300,000 550,000 450,000 6 118 119 10 120 15 121 20 122 24 123 28 124 125 6,900,000 4,500,000 Required: a. Prepare bank reconciliation on February 28, showing the book balances before and after adjustment. b. Prepare journal entries to record the adjustments that are indicated by the bank reconciliation.