Q3. Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: balance according to the company's records at July 31 $20,010. 2. Cash balance according to the at July 31, $21,110. 3. Checks outstanding, $4,060. 4. Deposit in transit, not recorded by bank, $3,260. 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 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)