**Instructions:**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, $24,556.2. **Cash balance according to the bank statement** at August 31, $31,856.3. **Checks outstanding**, $13,280.4. **Deposit in transit not recorded by bank**, $6,392.5. A check for **$48 in payment of an account was erroneously recorded** in the check register as $480.6. **Bank debit memo for service charges**, $20.---**Chart of Accounts:****CHART OF ACCOUNTS**Creative Design Co.**General Ledger****ASSETS**- 110 Cash- 111 Petty Cash- 120 Accounts Receivable- 131 Notes Receivable- 132 Interest Receivable**REVENUE**- 410 Sales- 610 Interest Revenue**EXPENSES**- 510 Cost of Merchandise Sold---**Journal:***Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.***JOURNAL**| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY ||------|-------------|------------|-------|--------|--------|-------------|--------|| | | | | | | | || | | | | | | | || | | | | | | | || | | | | | | | |**Note:** This is Page 1 of the journal and the entry fields are currently blank, allowing for company input based on the reconciliation details.

A journal is a detailed account that records all the financial transactions of a business, to be used for the future reconciling of accounts and the transfer of information to other official accounting records, such as the general ledger.

Business

Accounting

instructions Instructions The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1 2 3 Journal 1. Cash balance according to the company's records at August 31, $24,556. 2. Cash balance according to the bank statement at August 31, $31,856. 3. Checks outstanding, $13,280. 4. Deposit in transit not recorded by bank, $6,392. 5. A check for $48 in payment of an account was erroneously recorded in the check register as $480. Bank debit memo for service charges, $20. 6. DATE Journal Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles. DESCRIPTION JOURNAL POST. REF. Chart of Accounts DEBIT ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable CREDIT CHART OF ACCOUNTS ASSETS Creative Design Co. General Ledger ACCOUNTING EQUATION LIABILITIES Previous PAGE 1 REVENU EXPENS 510 Cost of M EQUITY 410 Sales 610 Interest F X Next >

instructions Instructions The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1 2 3 Journal 1. Cash balance according to the company's records at August 31, $24,556. 2. Cash balance according to the bank statement at August 31, $31,856. 3. Checks outstanding, $13,280. 4. Deposit in transit not recorded by bank, $6,392. 5. A check for $48 in payment of an account was erroneously recorded in the check register as $480. Bank debit memo for service charges, $20. 6. DATE Journal Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles. DESCRIPTION JOURNAL POST. REF. Chart of Accounts DEBIT ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable CREDIT CHART OF ACCOUNTS ASSETS Creative Design Co. General Ledger ACCOUNTING EQUATION LIABILITIES Previous PAGE 1 REVENU EXPENS 510 Cost of M EQUITY 410 Sales 610 Interest F X Next >

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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