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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, $42,920. 2. Cash balance according to the bank statement at August 31, $56,300. 3. Checks outstanding, $25,390. 4. Deposit in transit not recorded by bank, $13,325. 5. A check for $150 in payment of an account was erroneously recorded in the check register as $1,500. 6. Bank debit memo for service charges, $35. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Cash balance according to bank statement Add: Deposit in transit on August 31✔ Deduct: Outstanding checks ✓ Adjusted balance Cash balance according to company's records Adjusted balance

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, $42,920. 2. Cash balance according to the bank statement at August 31, $56,300. 3. Checks outstanding, $25,390. 4. Deposit in transit not recorded by bank, $13,325. 5. A check for $150 in payment of an account was erroneously recorded in the check register as $1,500. 6. Bank debit memo for service charges, $35. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Cash balance according to bank statement Add: Deposit in transit on August 31✔ Deduct: Outstanding checks ✓ Adjusted balance Cash balance according to company's records Adjusted balance

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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< 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, $42,920. 2. Cash balance according to the bank statement at August 31, $56,300. 3. Checks outstanding, $25,390. 4. Deposit in transit not recorded by bank, $13,325. 5. A check for $150 in payment of an account was erroneously recorded in the check register as $1,500. 6. Bank debit memo for service charges, $35. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Cash balance according to bank statement Add: Deposit in transit on August 31✔ Deduct: Outstanding checks ✓ Adjusted balance Cash balance according to company's records Adjusted balance Check My Work
Transcribed Image Text:< 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, $42,920. 2. Cash balance according to the bank statement at August 31, $56,300. 3. Checks outstanding, $25,390. 4. Deposit in transit not recorded by bank, $13,325. 5. A check for $150 in payment of an account was erroneously recorded in the check register as $1,500. 6. Bank debit memo for service charges, $35. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Cash balance according to bank statement Add: Deposit in transit on August 31✔ Deduct: Outstanding checks ✓ Adjusted balance Cash balance according to company's records Adjusted balance Check My Work
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