ACCOUNTING Part Four Instructions In this part of the practice set, the student will prepare a Bank Reconciliation for the month of January. Prepare it in Word or Excel and use the ending balance in your cash account for the cash for your books. Be prepared to turn in the Bank Reconciliation after answering the questions in Blackboard. Requirements 1. Make sure you have corrected any errors on your journal and adjusting Journal entries and have the correct balance for the cash account before starting the Bank Reconciliation 2. Bank Reconciliation: Using the cash balance per books and the bank statement, prepare a bank reconciliation. A template you can use to create a Bank reconciliation is located at the back of this practice set. 3. Record Bank Reconciliation Adjustments: After you have prepared the bank reconciliation you must make any adjusting journal entries to your cash account by entering them in the general Journal of the practice set so that the general ledger cash account agrees with the bank reconciliation. Bank Statement Wells Fargo Bank Page 1 PO Box 12345 El Paso, Texas 79998-2345 Maverick's Boards 123 Main Avenue El Paso, Texas 79945 WELLS FARGO BANK STATEMENT "Maverick's Boards" $0 $106.522 $37.145 $69.377 Balance beginning 01/01/2020 Deposits and other credits January Checks and other debits January Balance on statement date 01/31/2020 Deposits Added 1/2/2020 Deposit $70,000 1/5/2020 Deposit 2 $10,000 1/20/2020 Deposit 3 $7.794 1/23/2020 Deposit 4 $8,985 1/28/2020 Deposit 5 $9.743 Wells Fargo Bank Statement - Checks Paid and other Debts 1001 $9.000 1007 $490 1002 $4.000 1008 $250 1003 $1.100 1009 $200 1004 $14.600 1011 56,000 1005 $750 DM $70 Check Printing Fee 1006 $450 DM $235 Debit Memo *Assume any errors are made by the bank venick A "SOCIETY Bank Statement Part 4: Prepare a Bank Reconciliation using the Bank Statement and the template below. Template for Bank Reconciliation Wells Fargo Bank Balance "Maverick's Boards" Ending Cash Balance Ending Cash Balance Deposits in Transit Adjustments or errors +/- Outstanding Checks Reconciled Balance Adjustments or errors +/- Reconciled Balance RA HSR w 1 www. w RS . D www