Question

The following data were accumulated for use in reconciling the bank account of Creative Design Co....

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, $20,870. 2. Cash balance according to the bank statement at August 31, $37,600. 3. Checks outstanding, $23,375. 4. Deposit in transit not recorded by bank, $7,500. 5. A check for $100 in payment of an account was erroneously recorded in the check register as $1,000. 6. Bank debit memo for service charges, $45.

A. Prepare a bank reconciliation, using the format shown in Exhibit 13. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

B. If the balance sheet were prepared for Creative Design Co. on August 31 what amount should be reported for cash?

C. Must a bank reconciliation always balance (reconcile)?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $19,920. Cash balance according to the bank statement at August 31, $21,120. Checks outstanding, $4,040. Deposit in transit, not recorded by bank, $3,250. A check for $270 in payment of an account was erroneously recorded in the check register as $720. Bank debit memo for service charges, $40. a....
The following data were accumulated for use in reconciling the bank account of Creative Design Co....
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...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $17,880. Cash balance according to the bank statement at July 31, $19,100. Checks outstanding, $3,630. Deposit in transit, not recorded by bank, $2,910. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $40. a. Prepare a...
The following data were accumulated for use in reconciling the bank account of Mathers Co. for...
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $18,170. Cash balance according to the bank statement at July 31, $19,230. Checks outstanding, $3,690. Deposit in transit, not recorded by bank, $2,960. A check for $590 in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation,...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $28,850. Cash balance according to the bank statement at July 31, $30,060. Checks outstanding, $5,860. Deposit in transit, not recorded by bank, $4,700. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $40. a. Prepare a...
Which of the following is not a factor that influences a business's control environment? a.personnel policies...
Which of the following is not a factor that influences a business's control environment? a.personnel policies b.proofs and security measures c.management's philosophy and operating style d.organizational structure Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts? a.debit Cash; credit Other Income b.debit Cash; credit Accounts Receivable c.debit Other Income; credit Cash d.debit Accounts Receivable; credit Cash Entries are made to the petty cash account when...
The following data were gathered to use in reconciling the bank account of Torres Company: Balance...
The following data were gathered to use in reconciling the bank account of Torres Company: Balance per bank $9,060 Balance per company records 7,910 Bank service charges 20 Deposit in transit 2,480 NSF check 1,920 Outstanding checks 5,570 Instructions A. What is the adjusted balance on the bank reconciliation? B. On March 1, journalize any necessary entries for Torres Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of account titles. Balance per bank...
Using the following information: (a) The bank statement balance is $3,083. (b) The cash account balance...
Using the following information: (a) The bank statement balance is $3,083. (b) The cash account balance is $3,100. (c) Outstanding checks amounted to $765. (d) Deposits in transit are $700. (e) The bank service charge is $73. (f) A check for $77 for supplies was recorded as $68 in the ledger. Required: Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact...
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Dotson...
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Dotson Company: Balance per bank $ 24,990 Balance per company records 20,845 Bank service charges 115 Deposit in transit 3,680 NSF check 1,360 Outstanding checks 9,300 a. What is the adjusted balance on the bank reconciliation? $ Feedback a. Set up two columns: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on...
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Lays...
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Lays Company: Balance per bank $ 27,490 Balance per company records 22,930 Bank service charges 130 Deposit in transit 4,050 NSF check 1,490 Outstanding checks 10,230 a. What is the adjusted balance on the bank reconciliation? $ Feedback a. Set up two columns: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT