Bank Reconciliation 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, $32,110. Cash balance according to the bank statement at July 31, $31,350. Checks outstanding, $2,870. Deposit in transit, not recorded by bank, $4,150. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $20. a. Prepare a bank reconciliation, using the format shown in Exhibit 14. Mathers Co. Bank Reconciliation July 31 Cash balance according to bank statement $fill in the blank dd438e08e013025_1 fill in the blank dd438e08e013025_3 fill in the blank dd438e08e013025_5 Adjusted balance $fill in the blank dd438e08e013025_6 Cash balance according to company's records $fill in the blank dd438e08e013025_7 fill in the blank dd438e08e013025_9 fill in the blank dd438e08e013025_11 Adjusted balance $fill in the blank dd438e08e013025_12 b. If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash? $fill in the blank 650d23ff0066046_1 c. Must a bank reconciliation always balance (reconcile)
Bank Reconciliation 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, $32,110. Cash balance according to the bank statement at July 31, $31,350. Checks outstanding, $2,870. Deposit in transit, not recorded by bank, $4,150. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $20. a. Prepare a bank reconciliation, using the format shown in Exhibit 14. Mathers Co. Bank Reconciliation July 31 Cash balance according to bank statement $fill in the blank dd438e08e013025_1 fill in the blank dd438e08e013025_3 fill in the blank dd438e08e013025_5 Adjusted balance $fill in the blank dd438e08e013025_6 Cash balance according to company's records $fill in the blank dd438e08e013025_7 fill in the blank dd438e08e013025_9 fill in the blank dd438e08e013025_11 Adjusted balance $fill in the blank dd438e08e013025_12 b. If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash? $fill in the blank 650d23ff0066046_1 c. Must a bank reconciliation always balance (reconcile)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Bank Reconciliation
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, $32,110.
- Cash balance according to the bank statement at July 31, $31,350.
- Checks outstanding, $2,870.
- Deposit in transit, not recorded by bank, $4,150.
- A check for $170 in payment of an account was erroneously recorded in the check register as $710.
- Bank debit memo for service charges, $20.
a. Prepare a bank reconciliation, using the format shown in Exhibit 14.
Mathers Co. | |
Bank Reconciliation | |
July 31 | |
Cash balance according to bank statement | $fill in the blank dd438e08e013025_1 |
fill in the blank dd438e08e013025_3 | |
fill in the blank dd438e08e013025_5 | |
Adjusted balance | $fill in the blank dd438e08e013025_6 |
Cash balance according to company's records | $fill in the blank dd438e08e013025_7 |
fill in the blank dd438e08e013025_9 | |
fill in the blank dd438e08e013025_11 | |
Adjusted balance | $fill in the blank dd438e08e013025_12 |
b. If the
$fill in the blank 650d23ff0066046_1
c. Must a bank reconciliation always balance (reconcile)?
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