The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:1.Cash balance according to the company’s records at July 31, $32,110.2.Cash balance according to the bank statement at July 31, $31,350.3.Checks outstanding, $2,870.4.Deposit in transit, not recorded by bank, $4,150.5.A check for $170 in payment of an account was erroneously recorded in the check register as $710.6.Bank debit memo for service charges, $20. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:

1.	Cash balance according to the company’s records at July 31, $32,110.
2.	Cash balance according to the bank statement at July 31, $31,350.
3.	Checks outstanding, $2,870.
4.	Deposit in transit, not recorded by bank, $4,150.
5.	A check for $170 in payment of an account was erroneously recorded in the check register as $710.
6.	Bank debit memo for service charges, $20.

Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

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