The following data were accumulated for use in reconciling the bank account of C

Question

The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6:

Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

Journal

Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

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1. Cash balance according to the company’s records at August 31, $18,257. 2. Cash balance according to the bank statement at August 31, $27,261. 3. Checks outstanding, $14,624. 4. Deposit in transit, not recorded by bank, $6,131. 5. A check for $58 in payment of an account was erroneously recorded in the check register as $580. 6. Bank debit memo for service charges, $11.

Explanation / Answer

Bank reconciliation statement

DATE DESCRIPTION POST.REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY AUG 31 Cash 522 522 Accounts payable 522 522 Aug 31 Miscellaneous Expense 11 11 cash 11 11

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