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Using the following information: The bank statement balance is $3,480. The cash account balance is $3,535. Outstanding checks amounted to $796. Deposits in transit are $729. The bank service charge is $113. A check for $40 for supplies was recorded as $31 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31.

Respuesta :

Answer:

Preparation of bank reconciliation is shown Below:-

Explanation:

                                     Miller co.

                            Bank Reconciliation

                                      Aug-31

Cash Balance according to bank statement     $3,480

Add: Deposits in transit not recorded by bank  $729

Balance                                                                  $4209

Less: Outstanding checks                                    $796

Adjusted balance                                          $3,413

Cash Balance according to company's records $3,535

Less: Bank service charge                       $113          

Error in recording                                        $9         $122

Adjusted balance                                                      $3,413

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