Business, 25.03.2020 05:31 lukeperry

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 $22,600.
2. Cash balance according to the bank statement at July 31, $24,000.
3. Checks outstanding, $4,590.
4. Deposit in transit, not recorded by bank, $3,680.
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, $50.

(a) Prepare a bank reconciliation, using the format shown below.

Mathers Co.
Bank Reconciliation
July 31
Cash balance according to bank statement $
Add deposit in transit, not recorded by bank
Deduct outstanding checks
Adjusted balance $
Cash balance according to company's records $
Adjusted balance $

(b) If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash?
(c) Must a bank reconciliation always balance (reconcile)?

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

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