Question

Using the following information: (a) The bank statement balance is $3,075. (b) The cash account balance...

Using the following information:

(a) The bank statement balance is $3,075.
(b) The cash account balance is $3,173.
(c) Outstanding checks amounted to $636.
(d) Deposits in transit are $661.
(e) The bank service charge is $64.
(f) A check for $50 for supplies was recorded as $41 in the ledger.

Required:

Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values.

Homework Answers

Answer #1

Solution;

Miller Co.
Bank Reconciliation Statement
As on August 31
Cash balance according to bank statement $    3,075.00
Add:
Deposit in transit $     661.00 $        661.00
Deduct:
Outstanding Checks $   (636.00) $     (636.00)
Adjusted cash balance per bank $    3,100.00
Cash balance according to company`s records $    3,173.00
Deduct:
Bank Service Charges $     (64.00)
Book errors corrected [41-50] $        (9.00) $        (73.00)
Adjusted cash balance per books $    3,100.00
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Using the following information: (a) The bank statement balance is $3,083. (b) The cash account balance...
Using the following information: (a) The bank statement balance is $3,083. (b) The cash account balance is $3,100. (c) Outstanding checks amounted to $765. (d) Deposits in transit are $700. (e) The bank service charge is $73. (f) A check for $77 for supplies was recorded as $68 in the ledger. Required: Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact...
Using the following information: (a) The bank statement balance is $5,389. (b) The cash account balance...
Using the following information: (a) The bank statement balance is $5,389. (b) The cash account balance is $5,686. (c) Outstanding checks amounted to $736. (d) Deposits in transit are $961. (e) The bank service charge is $63. (f) A check for $50 for supplies was recorded as $41 in the ledger. Required: Prepare a bank reconciliation for Candace Co. for May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact...
The cash account for Stone Systems at July 31, 2016, indicated a balance of $17,750. The...
The cash account for Stone Systems at July 31, 2016, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: A. Checks outstanding totaled $17,865. B. A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement. C. The bank had collected $6,095 on a...
Refer to the information given below: The August 31 balance shown on the bank statement is...
Refer to the information given below: The August 31 balance shown on the bank statement is $9,822. There is a deposit in transit of $1,241 at August 31. Outstanding checks at August 31 totaled $1,883. Interest credited to the account during August but not recorded on the company's books amounted to $102. A bank charge of $35 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the...
The cash account for American Medical Co. at April 30 indicated a balance of $89,775. The...
The cash account for American Medical Co. at April 30 indicated a balance of $89,775. The bank statement indicated a balance of $125,160 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $31,540. B. A deposit of $18,000, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $24,075 on a $22,500 note,...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK STATEMENT Checks Deposits Balance Balance, June 1 $ 6,500 Deposits during June $ 16,200 22,700 Checks cleared during June $ 16,600 6,100 Bank service charges 40 6,060 Balance, June 30 6,060 Cash (A) June 1 Balance 6,500   June Checks written 19,000 June Deposits 18,100 Required: 1. Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank...
The following data were accumulated for use in reconciling the bank account of Creative Design Co....
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 company’s 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...
The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $32,991....
The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $32,991. During October, the total cash deposited was $139,960, and checks written totaled $137,747. The bank statement indicated a balance of $43,370 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $6,476. b. A deposit of $1,779 representing receipts of October 31, had been made too late...
The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The...
The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of $388,600 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $61,280. B. A deposit of $42,500, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $42,000 on a $40,000 note,...
Marin Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following information....
Marin Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following information. Balance, August 1 $18,620 Bank debit memorandum: August deposits 71,220 Safety deposit box fee $ 55 Checks cleared in August 65,648 Service charge 80 Bank credit memorandum: Balance, August 31 24,132   Interest earned 75 A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,920; receipts $74,220; disbursements $73,540; and balance, August 31, $19,600. Analysis reveals that...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT