Using the following information: Required: Labels and Amount Descriptions Bank R

Question

Using the following information:

Required:

Labels and Amount Descriptions

Bank Reconciliation

Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values.

Miller Co.

Bank Reconciliation

1

Cash balance according to bank statement

2

3

4

5

Adjusted balance

6

Cash balance according to company’s records

7

8

9

Adjusted balance

(a) The bank statement balance is $2,809. (b) The cash account balance is $3,101. (c) Outstanding checks amounted to $670. (d) Deposits in transit are $872. (e) The bank service charge is $81. (f) A check for $42 for supplies was recorded as $33 in the ledger.

Explanation / Answer

Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement 2809 Add:Deposits in transit not recorded by bank 872 3681 Deduct: outstanding checks 670 Adjusted balance 3011 Cash balance according to company’s records 3101 Deduct:Bank service charge 81 Error in recording 9 Adjusted balance 3011

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