The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: Cash balance according to the company’s records at August 31, $43,420. Cash balance according to the bank statement at August 31, $42,340. Checks outstanding, $16,820. Deposit in transit, not recorded by bank, $17,980. A check for $348 in payment of an account was erroneously recorded Kaycee Sisters Inc. as $834. Bank debit memo for service charges, $181. 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 cash outflows as negative amounts. Increase in cash and decrease in cash
The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: Cash balance according to the company’s records at August 31, $43,420. Cash balance according to the bank statement at August 31, $42,340. Checks outstanding, $16,820. Deposit in transit, not recorded by bank, $17,980. A check for $348 in payment of an account was erroneously recorded Kaycee Sisters Inc. as $834. Bank debit memo for service charges, $181. 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 cash outflows as negative amounts. Increase in cash and decrease in cash
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 Kaycee Sisters Inc. for August 20Y9:
- Cash balance according to the company’s records at August 31, $43,420.
- Cash balance according to the bank statement at August 31, $42,340.
- Checks outstanding, $16,820.
- Deposit in transit, not recorded by bank, $17,980.
- A check for $348 in payment of an account was erroneously recorded Kaycee Sisters Inc. as $834.
- Bank debit memo for service charges, $181.
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 and decrease in cash
Transcribed Image Text:Decrease in Cash
Balance Sheet
Statement of Cash
Income
Assets
Liabilities
+
Stockholders' Equity
Flows
Statement
Aug. 31.
Statement of Cash Flows
Income Statement
%3D
Transcribed Image Text:Increase in Cash
Balance Sheet
Statement of Cash
Income
Assets
Liabilities
Stockholders' Equity
Flows
Statement
Aug. 31.
Statement of Cash Flows
Income Statement
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