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Bank Reconciliation The following data were accumulated for use in reconciling the bank account of...

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Accounting

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 $21,310.

Cash balance according to the bank statement at July 31, $22,480.

Checks outstanding, $4,330.

Deposit in transit, not recorded by bank, $3,470.

A check for $590 in payment of an account was erroneously recorded in the check register as $950.

Bank debit memo for service charges, $50.

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

Mathers Co.
Bank Reconciliation
July 31
Cash balance according to bank statement $
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)?

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