Reference no: EM132681375
Problem - Bank reconciliation - The following data were accumulated for use in reconciling the bank account of Maple-wood Co. for July:
1. Cash balance according to the company's records at July 31, $15,600.
2. Cash balance according to the bank statement at July 31, $16,230.
3. Checks outstanding, $3,180.
4. Deposit in transit, not recorded by bank, $2,950.
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, $50.
Required -
a. Prepare a bank reconciliation?
b. If the balance sheet were prepared for Maplewood Co. on July 31, what amount should be reported for cash?
c. Must a bank reconciliation always balance (reconcile)?
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