ank 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 $16,420. Cash balance according to the bank statement at July 31, $17,560. Checks outstanding, $3,330. Deposit in transit, not recorded by bank, $2,680. 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. Prepare a bank reconciliation, using the format shown in Exhibit 14. Mathers Co. Bank Reconciliation July 31 Cash balance according to bank statement $fill in the blank b0c1bd0ddfd500a_1 fill in the blank b0c1bd0ddfd500a_3 fill in the blank b0c1bd0ddfd500a_5 Adjusted balance $fill in the blank b0c1bd0ddfd500a_6 Cash balance according to company's records $fill in the blank b0c1bd0ddfd500a_7 fill in the blank b0c1bd0ddfd500a_9 fill in the blank b0c1bd0ddfd500a_11 Adjusted balance $fill in the blank b0c1bd0ddfd500a_12 b. If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash? $fill in the blank cfdbbd00500cfe2_1 c. Must a bank reconciliation always balance (reconcile)?
ank 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 $16,420. Cash balance according to the bank statement at July 31, $17,560. Checks outstanding, $3,330. Deposit in transit, not recorded by bank, $2,680. 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. Prepare a bank reconciliation, using the format shown in Exhibit 14. Mathers Co. Bank Reconciliation July 31 Cash balance according to bank statement $fill in the blank b0c1bd0ddfd500a_1 fill in the blank b0c1bd0ddfd500a_3 fill in the blank b0c1bd0ddfd500a_5 Adjusted balance $fill in the blank b0c1bd0ddfd500a_6 Cash balance according to company's records $fill in the blank b0c1bd0ddfd500a_7 fill in the blank b0c1bd0ddfd500a_9 fill in the blank b0c1bd0ddfd500a_11 Adjusted balance $fill in the blank b0c1bd0ddfd500a_12 b. If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash? $fill in the blank cfdbbd00500cfe2_1 c. Must a bank reconciliation always balance (reconcile)?
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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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 $16,420.
- Cash balance according to the bank statement at July 31, $17,560.
- Checks outstanding, $3,330.
- Deposit in transit, not recorded by bank, $2,680.
- 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. Prepare a bank reconciliation, using the format shown in Exhibit 14.
Mathers Co. | |
Bank Reconciliation | |
July 31 | |
Cash balance according to bank statement | $fill in the blank b0c1bd0ddfd500a_1 |
fill in the blank b0c1bd0ddfd500a_3 | |
fill in the blank b0c1bd0ddfd500a_5 | |
Adjusted balance | $fill in the blank b0c1bd0ddfd500a_6 |
Cash balance according to company's records | $fill in the blank b0c1bd0ddfd500a_7 |
fill in the blank b0c1bd0ddfd500a_9 | |
fill in the blank b0c1bd0ddfd500a_11 | |
Adjusted balance | $fill in the blank b0c1bd0ddfd500a_12 |
b. If the
$fill in the blank cfdbbd00500cfe2_1
c. Must a bank reconciliation always balance (reconcile)?
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