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, $24,270. 2. Cash balance according to the bank statement at July 31, $32,278. 3. Checks outstanding, $14,668. 4. Deposit in transit, not recorded by bank, $7,170. 5. A check for $58 in payment of an account was erroneously recorded in the check register as $580. 6. Bank debit memo for service charges, $12.   Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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, $24,270.
2. Cash balance according to the bank statement at July 31, $32,278.
3. Checks outstanding, $14,668.
4. Deposit in transit, not recorded by bank, $7,170.
5. A check for $58 in payment of an account was erroneously recorded in the check register as $580.
6. Bank debit memo for service charges, $12.
 
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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