Entries for Bank Reconciliation The following data were accumulated for use in r

Question

Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: a. Cash balance according to the company's records at August 31, $34,437. b. Cash balance according to the bank statement at August 31, $33,580. c. Checks outstanding, $13,340. d. Deposit in transit, not recorded by bank, $14,260. e. A check for $276 in payment of an account was erroneously recorded Kaycee Sisters Inc. as $762. f. Bank debit memo for service charges, $144 Record the effects on the accounts and financial statements of the company based upon the information above. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

Explanation / Answer

1 Increase in cash Cash 486           Accounts payable 486 Operating 486 2 Decrease in cash Misc. expense 144              Cash 144 Cash retained earnings -144 -144 Operating -144 Income statement Misc. expense -144

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