Question

In: Accounting

Using the following information: The bank statement balance is $2,764. The cash account balance is $3,005....

Using the following information:

The bank statement balance is $2,764.

The cash account balance is $3,005.

Outstanding checks amounted to $647.

Deposits in transit are $697.

The bank service charge is $182.

A check for $68 for supplies was recorded as $59 in the ledger.

Prepare a bank reconciliation for Miller Co. for August 31.

Miller Co.
Bank Reconciliation
August 31

Cash balance according to bank statement$

Adjustments:

$

Total adjustments

Adjusted balance$

Cash balance according to company's records$

Adjustments:

$

Total adjustments

Adjusted balance$

Expert Solution

Here you go with the solution:

Bank Reconciliation for Miller Co. for August 31
Particulars	Amount ($)
Cash Balance according to Bank Statements (1)	2,764
Adjustments:
Less. Outstanding checks (Cheque issues, but not presented in Bank)	-647
Add. Deposits in Transit (Cheques deposited, but not yet credited into Bank Account)	697
Total Adjustments (2)	50
Adjusted Balance (1+2)	2,814

Particulars	Amount ($)
Cash Balance according to Company records (3)	3,005
Adjustments:
Less. Bank Service Charges (Charges debited by Bank, not booked into Company records)	-182
Less. Less recorded check for supplies ($9 deducted as the amount is not earlier deducted)	-9
Total Adjustments (4)	-191
Adjusted Balance (3+4)	2,814

ekkarill92 answered 1 year ago

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