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

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 18E

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Question

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

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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