Xenon Inc.’s August 31 bank statement had an ending cash balance of $2,567. On August 31, Xenon’s general ledger showed a balance of $860. After comparing the general ledger to the bank statement the following items were noted: Outstanding checks: $2,250 Interest paid by the bank: $12 An NSF check from one of Xenon’s customers: $32 Deposits in transit: $1,900 A service fee charged by the bank: $8 A direct deposit from a customer: $1400 Check #345 was written at Acme Insurance; the amount of the check was $615. It was recorded in the general ledger for $600. Prepare a bank reconciliation for Xenon, Inc.

Bank Reconciliation Statement as at August 31

Balance at Bank as per Updated Cash Book          $2,281

Add Unpresented Cheques                                     $2,250

Less Lodgements not yet credited                         ($1,900)

Balance as per Bank Statement                               $2,631

Explanation:

Step 1 Bring the Cash Book Bank Balance up to date

Debit  :

Balance as at August 31,                                             $860

Interest                                                                            $12

NSF check                                                                      $32

Direct deposit                                                             $1400

Totals                                                                         $2,304

Credit :                                                                        

Service fee charged                                                        $8

Insurance understated                                                   $15

Updated Cash Book Balance (Balancing figure)    $2,281

Totals                                                                         $2,304

Step 2 Prepare the Bank Reconciliation Statement

Bank Reconciliation Statement as at August 31

Balance at Bank as per Updated Cash Book          $2,281

Add Unpresented Cheques                                     $2,250

Less Lodgements not yet credited                         ($1,900)

Balance as per Bank Statement                               $2,631

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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