8-4 Test Calculator Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company's records at July 31 $17,510. 2. Cash balance according to the bank statement at July 31, $18,510. 3. Checks outstanding, $3,550. 4. Deposit in transit, not recorded by bank, $2,850. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 14. Mathers Co. Bank Reconciliation July 31 Cash balance according to bank statement Add deposit in transit, not recorded by bank Deduct deposit in transit, not recorded by bank Adjusted balance Cash balance according to company's records 17.510 Deduct bank service charge (8 60 Adjusted balance Remaining: 0:54:48 All work saved. 80 F3 000 F4 F5 F6 F7 % register db 5. A check for $480 in payment of an account was erroneously recorded in the 6. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 14. Mathers Co. Bank Reconciliation July 31 Cash balance according to bank statement Add deposit in transit, not recorded by bank Deduct deposit in transit, not recorded by bank Adjusted balance Cash balance according to company's records 17,510 60 Add bank service charge Add deposit in transit, not recorded by bank Add error in recording check $840 instead of $480 Add outstanding checks thers Co. on July 31, what amount should be reported for cas c. Must a bank reconciliation always balance (reconcile)? Yes Time Remaining: 0:54:34 All work saved. F1 F2 80 F3 000 000 F4