What entry is required in the company's accounts to record outstanding checks? a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Cash; credit Accounts Receivable d. no entry required Consider the following information taken from the cash account. Assume cash payments were 80% of collections. Cash 22 $115,375 22 $80,275 Beginning balance Collections Disbursements Ending balance How much was the beginning balance of the cash account? a. $35,100 b. $92,300 c. $57,200 d. $103,350 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 $19,980, 2. Cash balance according to the bank statement at July 31, $21,200. 3. Checks outstanding, $4,060. 4. Deposit in transit, not recorded by bank, $3,260 5. A check for $270 in payment of an account was erroneously recorded in the check register as $720 6. 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 Masted Adjusted balance Cash balance according to company's records s Adjusted balance b. If the balance sheet is prepared for Mathers Coon July 31, what amount should be reported for cash? c. Musta bank reconciliation always balance (reconcilo)