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Effects of Bank Reconciliation Updates The following data were accumulated for use in reconciling the...

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Accounting

image Effects of Bank Reconciliation Updates The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9: Cash balance according to the company's records at August 31,$40,414. Cash balance according to the bank statement at August 31, \$39,065. Checks outstanding, $14,965. Deposit in transit, not recorded by bank, $16,525. A check for $357 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $753. Bank debit memo for service charges, $185. 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 \# 2. Decrease in Cash Financial Statement Effects

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