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  3. xyz company's bank statement shows a balance of $8

XYZ Company's bank statement shows a balance of $8,500, while its internal records indicate a...

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Accounting

XYZ Company's bank statement shows a balance of $8,500, while its internal records indicate a balance of $9,200. During the bank reconciliation process, the following information is discovered:

  • Outstanding checks total $1,200.
  • Deposits in transit amount to $2,000.
  • Bank service charges of $50 have been deducted.
  • The company recorded a check for $500 as $50 in its records.

What is the adjusted cash balance for XYZ Company after completing the bank reconciliation?

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