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Fantom [35]
2 years ago
13

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, $42,920. Cash balance according to the bank statement at August 31, $56,300. Checks outstanding, $25,390. Deposit in transit not recorded by bank, $13,325. A check for $150 in payment of an account was erroneously recorded in the check register as $1,500. Bank debit memo for service charges, $35. a. Prepare a bank reconciliation, using the format shown in Exhibit 13.
Business
1 answer:
EastWind [94]2 years ago
6 0

If for August 20Y6: Cash balance according to the company’s records at August 31, $42,920. Cash balance according to the bank statement at August 31, $56,300. The bank reconciliation statement will be:

  • Adjusted bank  balance $44,235
  • Adjusted cash balance  $44,235

Creative Design Co. Bank Reconciliation

August 31, 20Y6

Cash balance according to bank statement $56,300

Add deposit in transit $13,325

Less outstanding checks ($25,390)

Adjusted bank  balance  $44,235

Cash balance according to company's records  $42,920

Add error in banking recording check as $1,500 instead of $150  $1,350

Less Bank charges ($36)

Adjusted cash  balance  $44,235

Inconclusion if for August 20Y6: Cash balance according to the company’s records at August 31, $42,920. Cash balance according to the bank statement at August 31, $56,300. The bank reconciliation statement will be:

  • Adjusted bank  balance $44,235
  • Adjusted cash balance  $44,235

Learn more here:

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