Entries for 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. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge a. July 31 Cash Accounts Payable b. July 31 Miscellaneous Expense Cash
Entries for 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. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge a. July 31 Cash Accounts Payable b. July 31 Miscellaneous Expense Cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for 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. July 31 | Cash | ||
| Accounts Payable | |||
| b. July 31 | Miscellaneous Expense | ||
| Cash |
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