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Using the following information:

a. The bank statement balance is $4,709.
b. The cash account balance is $5,162.
c. Outstanding checks amounted to $624.
d. Deposits in transit are $1,035.
e. The bank service charge is $33.
f. A check for $60 for supplies was recorded as $51 in the ledger.

Required:
Prepare bank reconciliation for Miller Co. for August 31.

Respuesta :

Answer and Explanation:

The preparation of the bank reconciliation statement for August 31 is presented below:

                                           Miller Co.

                           Bank reconciliation statement  

                                            August 31

Particulars                   Amount                   Particulars                       Amount  

Bank cash balance    $4,709                    Company cash balance  $5,162

Add:                                                            Less:

Deposits in transit     $1,035                    Bank service charges     -$33

Less: Outstanding                                     Error in recording              -$9      

Check                        -$624

Bank balance                                            Company balance

After reconciliation $5,120                        After reconciliation          $5,120

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