Bank ReconciliationThe 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 $16,320.Cash balance according to the bank statement at July 31, $17,300.Checks outstanding, $3,310.Deposit in transit, not recorded by bank, $2,660.A check for $590 in payment of an account was erroneously recorded in the check register as $950.Bank debit memo for service charges, $30.a. Prepare a bank reconciliation, using the format shown in Exhibit 14.

Bank reconciliation is prepared to arrive at common cash balance, as per company’s books as well as,…

Answered: Bank Reconciliation The following data…

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 $16,320.
Cash balance according to the bank statement at July 31, $17,300.
Checks outstanding, $3,310.
Deposit in transit, not recorded by bank, $2,660.
A check for $590 in payment of an account was erroneously recorded in the check register as $950.
Bank debit memo for service charges, $30.

a. Prepare a bank reconciliation, using the format shown in Exhibit 14.

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