Bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $21,570. 2. Cash balance according to the bank statement at August 31, $22,760. 3. Checks outstanding, $4,380. 4. Deposit in transit not recorded by bank, $3,520. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Line Item Description Amount

Bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $21,570. 2. Cash balance according to the bank statement at August 31, $22,760. 3. Checks outstanding, $4,380. 4. Deposit in transit not recorded by bank, $3,520. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Line Item Description Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $17,740. Cash balance according to the bank statement at August 31, $18,960. Checks outstanding, $3,600. Deposit in transit not recorded by bank, $2,890. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $30. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Line Item Description Amount Cash balance according to bank statement $Cash balance according to bank statement - Select - - Select - Adjusted balance $Adjusted balance Cash balance according to company's records $Cash balance according to company's records - Select - - Select - Adjusted balance $Adjusted balance…
Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,735. The bank statement indicated a balance of $9,930 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3,570. A deposit of $3,720, representing receipts from October 31, had been made too late to appear on the bank statement. The bank had collected $1,940 on a note left for collection. The face of the note was $1,840. A check for $550 returned with the statement had been incorrectly recorded by Deaver Consulting as $500. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. A check drawn for $530 had been incorrectly charged by the bank as $30. Bank service charges for October amounted to $45. Instructions: 1. Prepare a bank reconciliation. Deaver…
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
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Entries for bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 2016: 1. Cash balance according to the company's records at August 31, 518,130. 2. Cash balance according to the bank statement at August 31, $19,240. 3. Checks outstanding, $3,600. 4. Deposit in transit not recorded by bank, $2,960. 5. A check for $270 in payment of an account was erroneously recorded in the check register as $720. 6. Bank debit memo for service charges, $60. Journaline the entries that should be made by the company that (a) increase cash and (b) decrease cash. If an amount box does not require an entry, leave blank a: 2016 August 31 Cash b. August 31 Accounts Payable ✓
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Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $25,520. Cash balance according to the bank statement at August 31, $26,850. Checks outstanding, $5,180. Deposit in transit, not recorded by bank, $4,160. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Cash balance according to bank statement $fill in the blank - Select - - Select - Adjusted balance $fill in the blank Cash balance according to company's records $fill in the blank - Select - - Select - Adjusted balance $fill in the blank b. If the balance sheet were…
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $14,740. Cash balance according to the bank statement at August 31, $15,650. Checks outstanding, $2,990. Deposit in transit, not recorded by bank, $2,400. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $40. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 13.
INS The following information relating to the bank checking account is available for Wild Bill's Texas Barbeque at May 31. EXERCISE 7-7 Another Short Bank Reconcil- latlon Balance per bank statement at May 31 Outstanding checks Deposit in transit.. Service charge by bank... Interest credited by the bank....... $9,740.15 3,352.70 1,106.30 Balance per depositor's accounting records at May 31 10.00 43.10 INSTRUCTIONS Prepare a bank reconciliation at May 31. 7,460.65
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