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The following data were accumulated for use in reconciling the bank account of Nakajima Co....

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Question

Accounting

The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July:
Cash balance according to the company's records at July 31, $21,260.
Cash balance according to the bank statement at July 31, $22,520.
Checks outstanding, $4,320.
Deposit in transit, not recorded by bank, $3,470.
A check for $270 issued in payment of an account was erroneously recorded in the check register as $720.
Bank debit memo for service charges, $40.
Question Content Area
a. Prepare a bank reconciliation, using the format shown in Exhibit 12.
Nakajima Co.
Bank Reconciliation
July 31
Cash balance according to bank statement $fill in the blank c58d0c02d072007_1
- Select -
- Select -
Adjusted balance $fill in the blank c58d0c02d072007_6
Cash balance according to company's records $fill in the blank c58d0c02d072007_7
- Select -
- Select -
Adjusted balance $fill in the blank c58d0c02d072007_12
Question Content Area
b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash?
$fill in the blank bc057903af90faf_1
c. Must a bank reconciliation always balance (reconcile)?

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