Business, 30.03.2021 22:10 natajaeecarr

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, $16,760.
2. Cash balance according to the bank statement at August 31, $17,460.
3. Checks outstanding, $3,400.
4. Deposit in transit, not recorded by bank, $2,730.
5. A check for $340 in payment of an account was erroneously recorded in the check register as $430.
6. Bank debit memo for service charges, $60.

Required:
a. Prepare a bank reconciliation.
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)?

Answers: 3

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