Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9: Cash balance according to the company's records at August 31, $38,928. Cash balance according to the bank statement at August 31, $37,960. Checks outstanding, $15,080. Deposit in transit, not recorded by bank, $16,120. A check for $312 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $123. Bank debit memo for service charges, $162. Record the effects on the accounts and financial statements of the company based upon the information above
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9: Cash balance according to the company's records at August 31, $38,928. Cash balance according to the bank statement at August 31, $37,960. Checks outstanding, $15,080. Deposit in transit, not recorded by bank, $16,120. A check for $312 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $123. Bank debit memo for service charges, $162. Record the effects on the accounts and financial statements of the company based upon the information above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for Bank Reconciliation
The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9:
- Cash balance according to the company's records at August 31, $38,928.
- Cash balance according to the bank statement at August 31, $37,960.
- Checks outstanding, $15,080.
- Deposit in transit, not recorded by bank, $16,120.
- A check for $312 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $123.
- Bank debit memo for service charges, $162.
Record the effects on the accounts and financial statements of the company based upon the information above. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and
Increase in Cash
| Assets | = | Liabilities | + | ||||
| Cash | + | No effect | = | Accounts Payable | + | No effect | |
| Aug. 31. | fill in the blank 5 | fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | |||
| Statement of |
Income Statement | ||||||
| Operating | fill in the blank 10 | No effect | fill in the blank 12 |
Decrease in Cash
| Balance Sheet | |||||||
| Assets | = | Liabilities | + | Stockholders' Equity | |||
| Cash | + | No effect | = | No effect | + | ||
| Aug. 31. | fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | |||
| Statement of Cash Flows | Income Statement | ||||||
| Operating | fill in the blank 22 | Miscellaneous expense | fill in the blank 24 |
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