Effects of Bank Reconciliation Updates

The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August $20$Y$9$:

Cash balance according to the company's records at August $31,$ $$39,783.$

Cash balance according to the bank statement at August $31,$ $$37,795.$

Checks outstanding, $$14,965.$

Deposit in transit, not recorded by bank, $$16,895.$

A check for $$684$ issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $$846.$

Bank debit memo for service charges, $$220.$

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, cash outflows, and the income statement effects that decrease net income as negative amounts.

#$1.$ Increase in Cash

Financial Statement Effects

Balance Sheet

Assets $=$ Liabilities $+$ Stockholders' Equity

Cash

$+$

No effect

$=$

Accounts Payable

$+$

No effect

Aug. $31.$ fill in the blank $5$

$1,988$

fill in the blank $6$

$0$

fill in the blank $7$

$-220$

fill in the blank $8$

$0$

Statement of Cash Flows Income Statement

fill in the blank $10$

fill in the blank $12$

#$2.$ Decrease in Cash

Financial Statement Effects

Balance Sheet

Assets $=$ Liabilities $+$ Stockholders' Equity

Cash

$+$

No effect

$=$

No effect

$+$

Retained Earnings

Aug. $31.$ fill in the blank $17$

$-162$

fill in the blank $18$

$0$

fill in the blank $19$

$0$

fill in the blank $20$

$0$

Statement of Cash Flows Income Statement

Operating

fill in the blank $22$

$220$

Miscellaneous expense

fill in the blank $24$

$220$