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A. What is a bank reconciliation and why is it important for companies to do it periodically? B. Prepare a Bank Reconcil...

A. What is a bank reconciliation and why is it important for companies to do it periodically?

B. Prepare a Bank Reconciliation Statement for XYZ company that has:

  • Bank statement of $9,000.
  • Cash account of $7,500.

Additional information for the reconciliation:

  • Deposit in transit.
  • NSF Check.
  • Outstanding check.
  • Collections made by the bank.

Required: provide an amount of each information to bring the adjusted balances to be equal

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Answer #1

Page No-1 Answer Given dato, Bank statement of = $ 9000 cash account of = $ 7,500 a) a bonk reconciliation and whyis it imporPreparing bank yeconciliation will given Clear Pictures of usable funds quailable in bank. b) a bank Reconcilliation Statemen

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