Question
The following data were accumulated for use in reconciling the bank account of Mathers Co. for...
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:
Cash balance according to the company's records at July 31 $18,170.
Cash balance according to the bank statement at July 31, $19,230.
Checks outstanding, $3,690.
Deposit in transit, not recorded by bank, $2,960.
A check for $590 in payment of an account was erroneously recorded in the check register as $950.
Bank debit memo for service charges, $30.
a. Prepare a bank reconciliation, using the format shown in Exhibit 14.
| Mathers Co. | |
| Bank Reconciliation | |
| July 31 | |
| Cash balance according to bank statement | $ |
| Add deposit in transit, not recorded by bank | |
| Deduct outstanding checks | |
| Adjusted balance | $ |
| Cash balance according to company's records | $ |
| Adjusted balance | $ |
b. If the balance sheet is prepared for Mathers
Co. on July 31, what amount should be reported for cash?
$
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