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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 companys records at August 31, $20,870. 2. Cash balance according to the bank statement at August 31, $37,600. 3. Checks outstanding, $23,375 4. Deposit in transit not recorded by bank, $7,500 5. A check for $100 in payment of an account was erroneously recorded in the check register as $1,000. 6. Bank debit memo for service charges, $45. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co Bank Reconciliation August 31, 20Y6 Cash balance according to bank statement Adjustments: Deposit in transit, not recorded by bank Outstanding checks 37600 20,870 x

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Bank Reconciliation is a process of identifying the difference that exist between the companys bank balance as per bank statement supplied by bank and cash balance as per companys accounting records. Creative Design Company Bank Reconciliation August 31, 20Y6 Particulars Cash Balance according to bank statement Adjustments Amount Amount $37,600 $7,500 $23,375 Deposit in transit not recorded by bank Outstanding Checks Total Adjustments Adjusted Balance $15,875 $21,725 $20,870 Cash Balance according to companys record Adiustments Error in recording checks Bank Service Charge $900 $45 $855 $21,725 Total Adjustments Adjusted Balance (b) If Balance Sheet is prepared for Creative Design Co. on August 31, the amount reported for cash is $21725 (c) Yes, a bank reconciliation always balance (reconcile)

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