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mariarad [96]
2 years ago
10

The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9:

Business
1 answer:
Marizza181 [45]2 years ago
7 0

Answer:

Adjusted bank account balance = Adjusted cash book balance = $34,500

Explanation:

Note: The correct requirement of this question is actually as follows:

Prepare a bank reconciliation.

It is not the ones erroneously stated in the question.

The bank reconciliation can now be prepared as follows:

Wolfpack Bread Inc.

Bank Reconciliation

August 31, 20Y9

Statement of Adjusted Bank Account Balance  

<u>Details                                                                       Amount ($)  </u>

Cash balance according to bank statement              33,580

Add:

Deposit in transit, not recorded by bank                    14,260

Less:

Checks outstanding                                                  <u>   (13,340)  </u>

Adjusted bank account balance                            <u>    34,500  </u>

Statement of Adjusted Cash Book Balance  

<u>Details                                                                       Amount ($)   </u>

Cash balance according to Wolfpack                         34,437

Add:

Check error ($762 - $276)                                              486

Less:

Bank service charges                                                     (144)

Other reconciling items (w.1)                                      <u>   (279)  </u>

Adjusted cash book balance                                    <u>  34,500  </u>

<u>Working:</u>

w.1: Other reconciling items = Cash balance according to Wolfpack + Check error ($762 - $276) - Bank service charges - Adjusted bank account balance = $34,437 + 486 - 144 - $34,500 = $279

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