Using the following information: (a) The bank statement balance is $3,471. (b) The cash account balance is $3,844. (c) Outstanding checks amounted to $550. (d) Deposits in transit are $824. (e) The bank service charge is $90. (f) A check for $43 for supplies was recorded as $34 in the ledger. Required: Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. "Deduct" or "Add" will automatically appear if it is required. Enter all amounts as positive values.

Explanation:

The preparation of the bank reconciliation statement is presented below:

                                          Miller Co.

                    Bank reconciliation statement  

                                         August 31  

Particulars                    Amount            Particulars                          Amount  

Bank cash balance      $3,471            Company cash balance       $3,844

Deposits in transit       $824               Less: Error                        $9  

                                                                                              ($43 - $34)

Less: Outstanding                               Less: service fee                 -$90          

Check                         -$550

Bank balance                                      Company balance

After reconciliation   $3,745              After reconciliation $            $3,745

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