# Prepare a bank reconciliation for miller co. for august 31

18. EX.08-160

Using the following information:a. The bank statement balance is \$4,690.b. The cash account balance is \$5,080.c. Outstanding checks amounted to \$715.d. Deposits in transit are \$1,020.e. The bank service charge is \$40.f. A check for \$72 for supplies was recorded as \$27 in the ledger.Prepare a bank reconciliation for Miller Co. for August 31.Miller Co.Bank ReconciliationAugust 31Cash balance according to bank statement\$\$Adjusted balanceCash balance according to company's recordstaAdjusted balance​

Bank reconciliation statement = \$4,995

Explanation:

Miller Corporation

Bank Reconciliation Statement

August 31, 20XX

Cash balance according to bank statement                   \$4,690

Less: Outstanding checks                               \$ (715)

\$  305

Adjusted balance as per bank statement                       \$4,995

Cash balance according to company's book                 \$5,080

Less: Error in supplies recording \$(72 - 27)   \$ (45)

Bank service charge                                       \$ (40)

\$   (85)

Adjusted balance as per company's cash book             \$4,995

Note: Deposit in-transit is added because the bank has already added the amount and the company does not know that, while bank deducts the outstanding checks as they are overdue.

Again, as the service charge and error in supplies are already deducted from the bank without informing the company, the company has to deduct those from cash book.

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