1. Using the following information, prepare a hank reconciliation for Milber Co.

Question

1. Using the following information, prepare a hank reconciliation for Milber Co. for August 3i (a) The bank (b) The cash account balance is 55,080 (c) Outstanding checks amounted to $715. tatenent balance is $4,690 (d) Deposits in transit are S1,020. (e) The bank service charge is $40 CO A check for $72 ledger as payment for purchase of supplies con account was recorded as $27 in the 8 POINTS Miller Co. Bank Reconciliation August 31 balance according to bank statement : 2 Deduct:? Adjusted balance Cash balance according to company's records educt: ? Adjusted balance 3 POINTS Debit Credit Account Description

Explanation / Answer

Bank reconciliation Cash balance according to bank statement 4,690 add:deposits in transit 1,020 5,710 deduct:Checks outstanding 715 adjusted balance 4,995 cash balance according to compan;s records 5,080 deduct : Bank service charge 40 error in recording 45 Adjusted balance 4,995 Amount description debit Credit Bank serivice espense 40 utilities expense 45 cash 85

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