Using the following information: (a) The bank statement balance is $4,690. (b) The cash account balance is $5,080. (c) Outstanding checks amounted to $715. (d) Deposits in transit are $1,020. (e) The bank service charge is $40. (f) A check for $72 for supplies was recorded as $27 in the ledger.   Required:   Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values. Labels   August 31   Amount Descriptions   Bank service charge   Deposits in transit not recorded by bank   Error in recording   Outstanding checks   Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values.   Miller Co. Bank Reconciliation   1 Cash balance according to bank statement     2       3       4       5 Adjusted balance     6 Cash balance according to company’s records     7       8       9 Adjusted balance

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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Using the following information:
(a) The bank statement balance is $4,690.
(b) The cash account balance is $5,080.
(c) Outstanding checks amounted to $715.
(d) Deposits in transit are $1,020.
(e) The bank service charge is $40.
(f) A check for $72 for supplies was recorded as $27 in the ledger.
 
Required:
  Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values.
Labels  
August 31  
Amount Descriptions  
Bank service charge  
Deposits in transit not recorded by bank  
Error in recording  
Outstanding checks  
Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values.
 
Miller Co.
Bank Reconciliation
 
1
Cash balance according to bank statement
 
 
2
 
 
 
3
 
 
 
4
 
 
 
5
Adjusted balance
 
 
6
Cash balance according to company’s records
 
 
7
 
 
 
8
 
 
 
9
Adjusted balance
 
 
 

 

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