Using the following information:
(a) The bank statement balance is $2,809. (b) The cash account balance is $3,101. (c) Outstanding checks amounted to $670. (d) Deposits in transit are $872. (e) The bank service charge is $81. (f) A check for $42 for supplies was recorded as $33 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. âDeductâ or âAddâ will automatically appear if it is required. Enter all amounts as positive values.
Labels and Amount Descriptions
Labels August 31 Amount Descriptions Bank service charge deposits in transit not recorded by bank Error in recording outstanding checks
Bank Reconciliation
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. âDeductâ or âAddâ 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 companyâs records
7
8
9
Adjusted balance
Using the following information:
| (a) | The bank statement balance is $2,809. |
| (b) | The cash account balance is $3,101. |
| (c) | Outstanding checks amounted to $670. |
| (d) | Deposits in transit are $872. |
| (e) | The bank service charge is $81. |
| (f) | A check for $42 for supplies was recorded as $33 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. âDeductâ or âAddâ will automatically appear if it is required. Enter all amounts as positive values. |
Labels and Amount Descriptions
| Labels | |
| August 31 | |
| Amount Descriptions | |
| Bank service charge | |
| deposits in transit not recorded by bank | |
| Error in recording | |
| outstanding checks |
Bank Reconciliation
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. âDeductâ or âAddâ 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 companyâs records | ||
| 7 | |||
| 8 | |||
| 9 | Adjusted balance |
Related questions
The following data were accumulated for use in reconciling thebank account of Creative Design Co. for August 20Y6:
| 1. | Cash balance according to thecompanyâs records at August 31, $20,870. |
| 2. | Cash balance according to the bankstatement at August 31, $37,600. |
| 3. | Checks outstanding, $23,375. |
| 4. | Deposit in transit not recorded bybank, $7,500. |
| 5. | A check for $100 in payment of anaccount was erroneously recorded in the check register as$1,000. |
| 6. | Bank debit memo for servicecharges, $45. |
| A. | Prepare a bank reconciliation,using the format shown in Exhibit 13 . Refer to the Amount Descriptions list provided for the exactwording of the answer choices for text entries. For those boxes inwhich you must enter subtracted or negative numbers use a minussign. | |||||||||||||||||||
| B. | If the balance sheet wereprepared for Creative Design Co. on August 31 what amount should bereported for cash? | |||||||||||||||||||
| C. | Must a bank reconciliation always balance(reconcile)?
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