Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 2 0 Y 9 : a .

The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9:
a. Cash balance according to the company's records at August 31,$6,580.
b. Cash balance according to the bank statement at August 31,$8,810.
c. Checks outstanding, $2,740.
d. Deposit in transit, not recorded by bank, $1,030.
e. A check for $280 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $820.
f. Bank debit memo for service charges, $20.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below,
Open spreadsheet
Prepare a bank reconciliation, using the format shown in Exhibit 10.
WOLFPACK BREAD INC.
Bank Reconciliation
August 31,20Y9
Cash balance according to bank statement
Adjusted balance
Cash balance according to Wolfpack Bread Inc.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Capex A Knowledge Based Expert System For Substantive Audit Planning

Authors: J. Efrim Boritz, Anthony K. P. Wensley

1st Edition

1558760563, 978-1558760561

More Books

Students also viewed these Accounting questions