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, $25,320. 2. Cash balance according to the bank statement at August 31, $26,660. 3. Checks outstanding, $5,140. 4. Deposit in transit not recorded by bank, $4,130. 5. A check for $590 in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. a: 2016 Aug. 31 b. Aug. 31

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, $25,320. 2. Cash balance according to the bank statement at August 31, $26,660. 3. Checks outstanding, $5,140. 4. Deposit in transit not recorded by bank, $4,130. 5. A check for $590 in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. a: 2016 Aug. 31 b. Aug. 31

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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