Entries for Bank Reconciliation The following data were accumulated for use in r

Question

Entries for Bank Reconciliation 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, $32,110 2. Cash balance according to the bank statement at July 31, $31,350. 3. Checks outstanding, $2,870. 4. Deposit in transit, not recorded by bank, $4,150 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, $20. a. July 31 b. July 31

Explanation / Answer

31-Jul Cash 540 =710-170       Accounts Payable 540 31-Jul Bank service charges 20       Cash 20

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