Reference no: EM132741327
Problem - Bank reconciliation - 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, $42,920.
2. Cash balance according to the bank statement at August 31, $56,300.
3. Checks outstanding, $25,390.
4. Deposit in transit not recorded by bank, $13,325.
5. A check for $150 in payment of an account was erroneously recorded in the check register as $1,500.
6. Bank debit memo for service charges, $35.
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)?
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: Deposit in transit not recorded by bank, $13,325. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should reported for cash
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