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Sagot :
The preparation of a bank reconciliation statement for Mathers Co. for July is as follows:
Bank Reconciliation Statement
At July 31
Cash balance per bank statement as at July 31, $21,110
Deposit in transit 3,260
Outstanding checks (4,060)
Balance as per adjusted cash balance $20,310
What is bank reconciliation?
A bank reconciliation statement is a summary of banking and business cash transactions so that their balances can agree.
Bank reconciliations help the company to reconcile its bank account as per bank statements with its internal financial records.
The steps for preparing a bank reconciliation include:
- Discover the discrepancies in both statements.
- Adjust the cash balance with entries from the bank statement and other accounting errors.
- Adjust the bank statements with uncredited deposits, checks not yet presented, and accounting errors.
- Compare the end balances.
Data and Calculations:
Cash balance per Cash Account at July 31 $20,010
Cash balance per bank statement at July 31, $21,110
Checks outstanding, $4,060
Deposit in transit $3,260
Transposed payment $360 ($840 - $480)
Bank service charges $60
Adjusted Cash Balance per Cash Account:
Cash balance per Cash Account as at July 31 $20,010
Transposed payment 360
Bank service charges (60)
Adjusted cash balance per cash account $20,310
Learn more about preparing bank reconciliations at https://brainly.com/question/20349280
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