The following data were accumulated for use in reconciling the bank account of Creative Design Co....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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, $18,640. 2. Cash balance according to the bank statement at August 31, $19,790. 3. Checks outstanding, $3,780. 4. Deposit in transit not recorded by bank, $3,040. 5. A check for $270 in payment of an account was erroneously recorded in the check register as $720. 6. Bank debit memo for service charges, $40. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Line Item Description Amount Cash balance according to bank statement $ 19,790 Add: Deposit in transit on August 31 Deduct: Outstanding checks Adjusted balance Cash balance according to company's records $18,640 3,040 3,780 $ 19,010 Adjusted balance b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? $ 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, $18,640. 2. Cash balance according to the bank statement at August 31, $19,790. 3. Checks outstanding, $3,780. 4. Deposit in transit not recorded by bank, $3,040. 5. A check for $270 in payment of an account was erroneously recorded in the check register as $720. 6. Bank debit memo for service charges, $40. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Line Item Description Amount Cash balance according to bank statement $ 19,790 Add: Deposit in transit on August 31 Deduct: Outstanding checks Adjusted balance Cash balance according to company's records $18,640 3,040 3,780 $ 19,010 Adjusted balance b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? $
Expert Answer:
Answer rating: 100% (QA)
a The bank reconciliation for Creative Design Co is given below Creative ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
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...
-
Mention the equipment you will find in a digital survey office?
-
An interior room is maintained at an air temperature of 210C by a radiant panel covering one of the room walls, calculate the temperature of the radiant panel necessary to achieve the thermal comfort...
-
Consider the matrices Compute the following (where possible). (a) 2B - C (b) - 3(D + 2E) (c) tr(D - 3E) 3 1 3 2 0 021 311 214 502 113
-
Vanier Corporation is comparing two different capital structures: an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 195,000 shares of stock outstanding....
-
Writing in The Australian Financial Review Jack Mintz states that for investment decisions, taxes matter, and Australias company tax rate (30 per cent) is too high in international terms to be...
-
R. Herbert of Crestview Manufacturing Co. is paid at the rate of $20 an hour for an eight-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is...
-
What is Photosynthesis?
-
May and Jun are partners with profit and loss ratio of 65:35 and capital balances of P840,000 and P230,000, respectively. Julie is to be admitted into the partnership for 25% interest in the capital....
-
This task needs to be coded in Java. Please show all steps from 1 to 9. Task 2 - Adding Tasks feature At the end of this specific task, students should be able to: . Create and work with Loops ...
-
You now work for Apple and are introducing the CES 2023 Mixed Reality Headset. It is equipped with 12 cameras to track users' movements and surroundings and has both virtual and augmented reality...
-
Dexter Corp's beginning inventory was $100,000. Throughout the fiscal year, Dexter purchased $60,000 of additional inventory. On Dec 31, the last day of the fiscal year, Dexter is left with $70,000...
-
Express the following directions by two other means; set up and fill in a table with three columns, one for bearing, one for azimuthN (AzimN), and one for azimuths (Azims): a. N 3040'E b. AzimN...
-
Part A: Safety and Security in the Workplace Discuss some of the common safety and security concerns in today's workplace. What are some important laws that may help organizations reduce risk? What...
-
Below is the Sy1 reaction between t-butyl bromide and ammonia (NHa). Draw the missing curved arrow notation in the first and second boxes to reflect electron movements. In all three boxes, add lone...
-
Planning: Creating an Audience Profile; Collaboration: Team Projects. Compare the Facebook pages of three companies in the same industry. Analyze the content on all available tabs. What can you...
-
Verify the Cauchy-Schwarz inequality by first proving Lagrange's identity: and then noting that the final term is positive. This result is an improvement over Cauchy-Schwarz because it gives a...
-
The trace of a square matrix is the sum of its diagonal entries. (a) Find the formula for the characteristic polynomial of a 2 2 matrix. (b) Show that trace is invariant under similarity, and so we...
-
Show that a zero matrix is alone in its matrix equivalence class. Are there other matrices like that?
-
How the duration of a sprint can be decided?
-
Why is the rounded Fibonacci series used to assign story points instead of the natural numbers?
-
Which elements an agile software team must consider to attribute effort to a product?
Study smarter with the SolutionInn App