Entries for 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, $14,990. Cash balance according to the bank statement at August 31, $15,990. Checks outstanding, $3,040. Deposit in transit not recorded by bank, $2,440. A check for $270 in payment of an account was erroneously recorded in the check register as $720. Bank debit memo for service charges, $50. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash.

Creative Design Co.

Journal Entries:

a) increase cash:

Debit Cash $450

Credit Expenses $450

To correct an erroneously recorded check for $270 recorded as $720

b) decrease cash:

Debit Bank Service Charges $50

Credit Cash $50

To record direct bank service charges.

Explanation:

a) Data and Calculations:

Cash balance according to the company's records at August 31, $14,990.

Cash balance according to the bank statement at August 31, $15,990.

Checks outstanding, $3,040.

Deposit in transit not recorded by bank, $2,440.

A check for $270 in payment of an account was erroneously recorded in the check register as $720.

Bank debit memo for service charges, $50

Increase of cash:

Overstated check = $450 ($720 - $270)

Decrease of cash:

Bank service charges = $50

Cash Account Adjustment

Cash balance, August 31,     $14,990

Overstated check =                     450

Bank service charges =                (50)

Adjusted cash account bal. $15,390

Bank Reconciliation Statement for the month ended August 31

Balance as adjusted cash account $15,390

Checks outstanding,                         $3,040

Deposit, uncredited by the bank       (2,440)

Balance as per bank statement     $15,990

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