Bank Reconciliation

The following data were accumulated for use in reconciling the bank account of Maplewood Co. for July:

Cash balance according to the company's records at July 31, $18,590.

Cash balance according to the bank statement at July 31, $19,750.

Checks outstanding, $3,770.

Deposit in transit, not recorded by bank, $3,030.

A check for $270 in payment of an account was erroneously recorded in the check register as $720.

Bank debit memo for service charges, $30

Hide 1. Prepare a bank reconciliation, using the format shown in Exhibit 7. Maplewood Co. Bank Reconciliation July 31, 20- Cash balance according to bank statement 18590 Add deposit in transit, not rec Adjusted balance Cash balance according to company's records Adjusted balance 2. If the balance sheet were prepared for Maple Co. on July 31, w hat amount should be reported for cash? wood 3. Must a bank reconciliation always balance (reconcile)? Yes