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, $24,980. Cash balance according to the bank statement at July 31, $26,470. Checks outstanding, $5,070. Deposit in transit, not recorded by bank, $4,070. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $50. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 fill in the blank 2 fill in the blank 4 b. July 31 fill in the blank 6 fill in the blank 8
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, $24,980. Cash balance according to the bank statement at July 31, $26,470. Checks outstanding, $5,070. Deposit in transit, not recorded by bank, $4,070. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $50. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 fill in the blank 2 fill in the blank 4 b. July 31 fill in the blank 6 fill in the blank 8
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, $24,980.
- Cash balance according to the bank statement at July 31, $26,470.
- Checks outstanding, $5,070.
- Deposit in transit, not recorded by bank, $4,070.
- A check for $170 in payment of an account was erroneously recorded in the check register as $710.
- Bank debit memo for service charges, $50.
| a. July 31 | fill in the blank 2 | ||
| fill in the blank 4 | |||
| b. July 31 | fill in the blank 6 | ||
| fill in the blank 8 |
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