As of May 31, the bank statement of Xi Company showed an ending balance of $8,632.52. The following information was available:
Required:Determine the true cash balance by preparing (only) the section of the bank reconciliation that starts with the bank balance.
What will be an ideal response?
The bank service charge and NSF check are adjustments to the unadjusted book balance, not the unadjusted bank balance. Because the bank had erroneously added $229.00 to Xi's account and must correct that error, it must be subtracted from the unadjusted bank balance.
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