Prepare a four-column Proof of Cash: The following is information for XQ Technology, Inc. Balance per Bank, 9/30/20: $6,915 Balance per Bank, 10/31/20: $8,276 Outstanding checks at 9/30/20: $1,811 Outstanding checks at 10/31/20: 2,615 Bank Cash Deposits for October: $28,792 Book Cash Deposits for October: You need to calculate, must show the actual calculation Deposit in Transit, 09/30/20: $5,621 Deposit in Transit, 10/30/20: $996 Checks & Charges per Bank: $27,431 Checks & Charges per Book: You need to calculate, must show the actual calculation Interest on bank loan for the month of October, charged by the bank in October but not entered on Books until November: $596 Proceeds of a note of XYZ company was collected by the bank on October 26th, but not entered on the books until November, $3,296 On October 24th, a check of $1,144 was charged to the XQ Technology, account by bank in error (Bank pulled $1,144 from XQ’s account in error). Bank notified XQ Technology, inc., and corrected error in November. NSF checks (from customers) are not recorded on the books unless they permanently fail to clear the bank. Checks totaling $1,335 were dishonored in October; $600 were re- deposited and cleared on October and $735 were re-deposited and cleared in Use EXCEL to prepare this 4-column Proof of Cash (no handwritten answer will be accepted)

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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The following is information for XQ Technology, Inc.

Bank Cash Deposits for October: $28,792
Book Cash Deposits for October: You need to calculate, must show the actual calculation
Deposit in Transit, 09/30/20: $5,621
Deposit in Transit, 10/30/20: $996
Checks & Charges per Bank: $27,431
Checks & Charges per Book: You need to calculate, must show the actual calculation
Interest on bank loan for the month of October, charged by the bank in October but not entered on Books until November: $596
Proceeds of a note of XYZ company was collected by the bank on October 26^th, but not entered on the books until November, $3,296
On October 24^th, a check of $1,144 was charged to the XQ Technology, account by bank in error (Bank pulled $1,144 from XQ’s account in error). Bank notified XQ Technology, inc., and corrected error in November.
NSF checks (from customers) are not recorded on the books unless they permanently fail to clear the bank. Checks totaling $1,335 were dishonored in October; $600 were re- deposited and cleared on October and $735 were re-deposited and cleared in