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What amount should be reported for cash

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Problem - 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, $32,110.

2. Cash balance according to the bank statement at July 31, $31,350.

3. Checks outstanding, $2,870.

4. Deposit in transit, not recorded by bank, $4,150.

5. A check for $170 in payment of an account was erroneously recorded in the check register as $710.

6. Bank debit memo for service charges, $20.

Required -

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)?

Reference no: EM132797879

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