The following data were accumulated for use in reconciling the bank account for Mathers Co. For July: 1. Cash balance according to the company's record at July 31, $25,470. 2. Cash balance according to the bank statement at July 31, $26,890. 3. Checks outstanding, $5,170. 4. Deposit in transit, not record it by bank, $4,150. 5.a check for a $270 and payment of an account was erroneously recorded in the check register at $720. 6. Bank debit memo for service charges, $50. Journalize the entries that should be made up by the company, part (a )error and part ( b) service charge A. July 31 _______ _______ B. July 31 ______ _____
The following data were accumulated for use in reconciling the bank account for Mathers Co. For July:
1. Cash balance according to the company's record at July 31, $25,470.
2. Cash balance according to the bank statement at July 31, $26,890.
3. Checks outstanding, $5,170.
4. Deposit in transit, not record it by bank, $4,150.
5.a check for a $270 and payment of an account was erroneously recorded in the check register at $720.
6. Bank debit memo for service charges, $50.
A. July 31 _______
_______
B. July 31 ______
_____
A bank reconciliation statement is prepared by almost every organization at a particular time. It is a statement that is required to match the cash balance with the bank balance. We need to adjust check outstanding, cheque deposited but not collected, directly deposited into Bank, NSF check, etc
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