Prepare a bank reconciliation for Miller Co. for August 31.
Using the following information:
The bank statement balance is $4,690.
The cash account balance is $5,080.
Outstanding checks amounted to $715.
Deposits in transit are $1,020.
The bank service charge is $40.
A check for $72 for supplies was recorded as $27 in the ledger.
Prepare a bank reconciliation for Miller Co. for August 31.
Homework Answers
Calculation of Cash balance as per book
| Particulars | Amount$ |
| Cash balance per books | 5,080 |
| Less :Understated Disbursement(72 -27) | 45 |
| Less : Bank service charges | 40 |
| Correct cash balance | $4,995 |
Calculation of Cash balance as per bank
| Particulars | Amount$ |
| Cash balance per bank | 4,690 |
| Deposists in transit | 1,020 |
| Less : Outstanding Checks | 715 |
| Correct Cash balance | 4,995 |
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