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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 20Y6: 1. Cash balance according to the company's records at August 31, $23,380. 2. Cash balance according to the bank statement at August 31, $24,820. 3. Checks outstanding, $4,750. 4. Deposit in transit not recorded by bank, $3,810. 5. A check for $170 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $40. Journalize 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 it blank. a. 20Y6 August 31 b. August 31 0000

Entries for 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, $23,380. 2. Cash balance according to the bank statement at August 31, $24,820. 3. Checks outstanding, $4,750. 4. Deposit in transit not recorded by bank, $3,810. 5. A check for $170 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $40. Journalize 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 it blank. a. 20Y6 August 31 b. August 31 0000

FINANCIAL ACCOUNTING
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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< Entries for 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, $23,380. 2. Cash balance according to the bank statement at August 31, $24,820. 3. Checks outstanding, $4,750. 4. Deposit in transit not recorded by bank, $3,810. 5. A check for $170 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $40. Journalize 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 it blank. a. 20Y6 August 31 b. August 31
Transcribed Image Text:< Entries for 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, $23,380. 2. Cash balance according to the bank statement at August 31, $24,820. 3. Checks outstanding, $4,750. 4. Deposit in transit not recorded by bank, $3,810. 5. A check for $170 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $40. Journalize 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 it blank. a. 20Y6 August 31 b. August 31
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