Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $22,130. Cash balance according to the bank statement at July 31, $23,520. Checks outstanding, $4,490. Deposit in transit, not recorded by bank, $3,610. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 14. Mathers Co. Bank Reconciliation July 31 Cash balance according to bank statement $ 23,520 -4,490 3,610 Adjusted balance $ Cash balance according to company's records $ Adjusted balance $ b. If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash? $ c. Must a bank reconciliation always balance (reconcile)?