The following data were accumulated for use in reconciling the bank account of M

Question

The following data were accumulated for use in reconciling the bank account of Maplewood Co. for July 20Y9:

Cash balance according to the company's records at July 31, $21,280.

Cash balance according to the bank statement at July 31, $22,620.

Checks outstanding, $4,320.

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

A check for $170 in payment of an account was erroneously recorded in the check register as $710.

Bank debit memo for service charges, $50.

Prepare a bank reconciliation.

Maplewood Co.

Bank Reconciliation

July 31, 20Y9

Cash balance according to bank statement

$  

  

  

$  

  

  

Adjusted balance

$  

Cash balance according to company's records

$  

  

  

$  

  

  

Adjusted balance

$  

Hide

Prepare a bank reconciliation.

Maplewood Co.

Bank Reconciliation

July 31, 20Y9

Cash balance according to bank statement

$  

  

  

$  

  

  

Adjusted balance

$  

Cash balance according to company's records

$  

  

  

$  

  

  

Adjusted balance

$  

Explanation / Answer

Maplewood Co.

Bank Reconciliation

July 31, 20Y9

Cash balance according to bank statement $22,620 Add deposit in transit, not recorded by bank $3,470 $26,090 Deduct outstanding checks $4,320 Adjusted balance $21,770 Cash balance according to company's records $21,280 Add error in recording check $540 $21,820 Deduct bank service charge $50 Adjusted balance $21,770

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