XYZ Company's bank statement shows an ending balance of $20,000. However, the company's records show an ending balance of $18,500. After comparing the two, XYZ Company found that the bank had deducted a $1,500 service charge, and had deposited $2,000 for a customer's payment directly into the company's account. What is the adjusted balance per the company's records?
XYZ Company's bank statement shows an ending balance of $20,000. However, the company's records show an ending balance of $18,500. After comparing the two, XYZ Company found that the bank had deducted a $1,500 service charge, and had deposited $2,000 for a customer's payment directly into the company's account. What is the adjusted balance per the company's records?
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 2E: Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer...
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XYZ Company's bank statement shows an ending balance of $20,000. However, the company's records show an ending balance of $18,500. After comparing the two, XYZ Company found that the bank had deducted a $1,500 service charge, and had deposited $2,000 for a customer's payment directly into the company's account. What is the adjusted
balance per the company's records?
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