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 were 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 the bank in error (Bank pulled $1,144 from XQ’s account in error). Bank notified XQ Technology, Inc., and corrected the 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 werePipe dishonored in October; $600 were re-deposited and cleared in October and $735 were re-deposited and cleared in November.
Use EXCEL to prepare this 4-column Proof of Cash