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Using the following information:
(a) The bank statement balance is $4,690.
(b) The cash account balance is $5,080.
(c) Outstanding checks amounted to $715.
(d) Deposits in transit are $1,020.
(e) The bank service charge is $40.
(f) A check for $72 for supplies was recorded as $27 in the ledger.Required:
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. Negative amounts should be entered with a minus sign.
Labels
August 31
Adjustments
Amount Descriptions
Bank service charge
Deposits in transit not recorded by bank
Error in recording
Outstanding checks
Total adjustments
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. Negative amounts should be entered with a minus sign.
Miller Co.
Bank Reconciliation

Respuesta :

$4,995 in the bank reconciliation statement

                                   Miller Corporation

                        Bank Reconciliation Statement

                                   August 31, 20XX

Cash balance according to bank statement                   $4,690

Add: Deposit in-transits                                                     $1,020

Less: Outstanding checks                                                $ (715)    

                                                                                            $305

Adjusted balance as per bank statement                       $4,995

Cash balance according to company's book                 $5,080

Less: Error in supplies recording                   $(72 - 27)   $ (45)

Bank service charge                                                          $ (40)

                                                                                            $ (85)

Adjusted balance as per company's cash book              $4,995

Deposits in transit are added since the bank has already added the amount and the firm is unaware of it, whereas the bank deducts outstanding checks as they become overdue.

Again, because the service charge and supply mistake have already been deducted from the bank without alerting the firm, the corporation must subtract those from the cash book.

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