Business, 25.03.2020 05:31, lukeperry

The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:

1. Cash balance according to the company's records at July 31 $22,600.
2. Cash balance according to the bank statement at July 31, $24,000.
3. Checks outstanding, $4,590.
4. Deposit in transit, not recorded by bank, $3,680.
5. A check for $170 in payment of an account was erroneously recorded in the check register as $710.
6. Bank debit memo for service charges, $50.

(a) Prepare a bank reconciliation, using the format shown below.

Mathers Co.
Bank Reconciliation
July 31
Cash balance according to bank statement $
Add deposit in transit, not recorded by bank
Deduct outstanding checks
Adjusted balance $
Cash balance according to company's records $
Adjusted balance $

(b) If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash?
(c) Must a bank reconciliation always balance (reconcile)?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 21.06.2019 23:30, nourmaali

As manager of kids skids, meghan wants to develop her relationship management skills. in order to do this, she learns how to

Answers: 2

continue

Business, 22.06.2019 10:40, meillsss

Parks corporation is considering an investment proposal in which a working capital investment of $10,000 would be required. the investment would provide cash inflows of $2,000 per year for six years. the working capital would be released for use elsewhere when the project is completed. if the company's discount rate is 10%, the investment's net present value is closest to (ignore income taxes) ?

Answers: 1

continue

Business, 22.06.2019 21:40, mackenziemelton26

Which of the following is one of the main causes of inflation? a. wages drop so workers have to spend a higher percentage of income on necessities. b. demand drops and forces producers to charge more to meet their costs. c. rising unemployment cuts into national income. d. consumers demand goods faster than they can be supplied.

Answers: 3

continue

Business, 23.06.2019 00:10, riley01weaver1

Kcompany estimates that overhead costs for the next year will be $4,900,000 for indirect labor and $1,000,000 for factory utilities. the company uses direct labor hours as its overhead allocation base. if 100,000 direct labor hours are planned for this next year, what is the company's plantwide overhead rate?

Answers: 3

continue

Do you know the correct answer?

The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:...