Bank reconciliation Now that you have completed the end of month posting procedure, you are required to prepare a bank reconciliaton as at June 30, 2020. Your progress The purpose of the bank reconciliation process is to reconcile the balance of cash shown in the company's ledger account against the balance of cash reported in the bank statement. INTRODUCTION TRANSACTIONS WEEK 1 TRANSACTIONS WEEK 2 Instructions for bank reconciliation 1) Prepare the bank reconciliation statement as at June 30, 2020. To do this, you will need to use: TRANSACTIONS TRANSACTIONS TRANSACTIONS WEEK 4 . the previous month's bank reconciliation statement, and the current month's bank statement and cash journals Note that the bank reconciliation statement provided below may contain more rows than required. END OF MONTH POSTING BANK RECONCILIATION WORKSHEET 2) Use the bank reconciliation statement to record the relevant reconciling items in the general journal. 3) Post entries recorded in the general journal to the appropriate ledger accounts according to the company's accounting policies and procedures. FINANCIAL STATEMENTS SCHEDULES OF ACCOUNTS ADJUSTING ENTRIES 4) Record the updated balance of each ledger account in the Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Balance row must still be filled out in order to receive full points. CLOSING ENTRIES POST-CLOSING TRIAL BALANCE YOU HAVE NOW FINISHED Back-On-Track functionality 8 Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Completed: 57% (approximately) This page will take up to 2 hours Remaining pages will take: up to 7 hours The time frames we provide are a guide only. It may take you more or less time to complete each page. Your grading Remember: Enter all answers to the nearest whole dollar. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column. You are also required to apply the journals and ledgers instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Your grading outcome (still in progress) Awarded Total Points (prior to this page) 574 659 Points on this page) - 172 Points (after this page) - 246 Total 574 1,077 Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=822.bankRecQuestion) Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=822.bankRecQuesti Outsport OUT SPORT Bank Reconciliation Statement June 30, 2020 1 Balance per bank Add: 1 Deduct: 1 Adjusted balance per bank 0000000000000000000000000000000000000000000000000000000000000000000000 Balance per book Add: 1 Deduct: 1 Adjusted balance per book Print Close CASH RECEIPTS JOURNAL Date Account Post Ref. 250 X 110- 1 2,880 Jun 1 Bank Loan Payable Jun 6 Sales Revenue Jun 12 ARC - The Locker Room Jun 13 Sales Revenue Jun 16 ARC - Jump Around Jun 17 ARC - Mick's Sporting Goods Jun 20 Sales Revenue Jun 27 Sales Revenue Jun 29 ARC - Great Sports Jun 29 Sales Revenue Total X 110-6 110-3 x X 110-4 x Debit Cost of Sales Sales Accounts Other Goods Cash Revenue Tax Receivable Accounts Sold 60,000 60,000 17,052 16,240 812 7.540 6,000 6,000 6,426 6,120 306 8,900 8,900 47,680 47.680 22,491 21,420 1,071 16.320 26,061 24,820 1,241 13.380 6,057 6,057 8,568 8,160 408 4,120 209,235 76,760 3,838 68,637 60,000 44,240 (100) (400)| (240)| (110) (X) (500)/(120) Post reference CASH PAYMENTS JOURNAL Credit Date Account Check No. Post Ref. Debit Accounts Merchandise Wages Other Payable Inventory Expense Accounts Cash 7,680 7,200 673 674 675 676 677 678 679 210-2 210-4 220 6,100 1,219 1,722 8,000 Jun 1 Merchandise Inventory Jun 2 APC - Sports 'R Us Jun 2 APC - Sport Borders Jun 4 Wages Payable Jun 11 Wages Expense Jun 13 APC -Addax Sports Jun 14 Electricity Payable Jun 15 Prepaid Rent Jun 18 Wages Expense Jun 22 APC - Hike Jun 23 APC - J. J. Spud Jun 25 Wages Expense Jun 29 Merchandise Inventory Jun 30 Salary Expense Total 210-5 221 140 680 7,680 7,200 6,100 1,000 2,219 1,722 8,000 1,313 1,313 2,000 2,000 2,115 12,123 49,013 1,546 4,480 6,700 6,700 11,013 112,211 (x) (100) 681 2,115 210-1 210-3 12,123 49,013 682 683 684 685 1,546 4,480 686 545 82,436 (210) 12,160 (120) 6,602 (516) Post reference Bank statement - June EARTH OBANK San Francisco branch Christopher Jensen 557 Ford Lane San Francisco, CA 94104 Account No. 89975963 Page No. Outsport Debit Credit $1,250 $10,637 $60,000 $10,490 $5,600 $7,200 S2.219 $7,680 56,100 $17,052 $1,722 $8,000 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 1 672 JUN 3 DEPOSIT - Great Sports JUN 4 LOAN JUN 4 DEPOSIT - The Locker Room JUN 5 671 JUN 6 674 JUN 6 676 JUN 6 673 JUN 8 675 JUN 10 DEPOSIT - Cash sales JUN 12 677 JUN 14 678 JUN 16 DEPOSIT - The Locker Room JUN 18 DEPOSIT - Jump Around JUN 18 680 JUN 19 DEPOSIT - Cash sales JUN 19 681 JUN 20 NSF CHECK - Jump Around JUN 20 679 JUN 25 683 JUN 26 684 JUN 27 DEPOSIT - Cash sales JUN 30 DEPOSIT - Cash sales JUN 30 685 JUN 30 686 JUN 30 INTEREST JUN 30 TRANSACTIONS FEE S6,000 $8,900 Balance $50,742 CR S49,492 CR S60,129 CR S120,129 CR S130,619 CR $125,019 CR S117,819 CR $115,600 CR $107,920 CR $101,820 CR $118,872 CR $117,150 CR S109,150 CR $115,150 CR S124,050 CR $122,050 CR $128,476 CR $126,361 CR $117,461 CR $116, 148 CR S67,135 CR 565,589 CR S88,080 CR S114,141 CR $109,661 CR $102,961 CR S103,506 CR S103,495 CR $2,000 $6,426 S2,115 $8.900 $1,313 $49,013 $1,546 $22,491 $26,061 $4,480 $6,700 S545 S11 Last statement to 05/31/ 20 this statement to 0 6/30/20 Total debits Total credits Final balance $115,849 $ 168,602 $103,495 CR Proceeds of checks will not be available until cleared. All entries for the last business day are subject to verification and authorization. Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement NSF means Not-Sufficient Funds Bank reconciliation statement ~ May Outsport OUT SPORT Bank Reconciliation Statement May 31, 2020 $50,742 Balance per bank Add: deposit in transit from Great Sports deposit in transit from The Locker Room $10,637 10,490 21,127 71,869 00000000000000000000000000000000000000000 Deduct: outstanding check outstanding check Adjusted balance per bank No. 671 $5,600 No. 672 1,250 6,850 $65,019 $64,819 Balance per book: Add: interest earned 211 65,030 Deduct: bank service charge Adjusted balance per book $65,019 Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=823.generalJourna GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit 2,880 21 APC - J. J. Spud Jun 21 Merchandise Inventory (purchase return) 210/210-3 120 2,880 (select) (select) Jun (select) (select) (select) (select) Jun 30 select) (select Submit answers Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=824-110-5.Accts Rec5_bankRec) SUBSIDIARY LEDGERS Account: ARC - Balls 'n All Account No. 110-5 Ref. Debit Credit Balance 34.860 34.860 DR Date May Jun Jun Jun Jun Description 31 Balance 21 Credit sale 30 30 30 Jun 30 Balance (Q=824-110-6.Accts Rec6_bankRec) Account: ARC - Jump Around Account No. 110-6 Date Ref. Debit Credit Balance SJ 12,600 May Jun Jun Jun Jun Description 31 Balance 10 Credit sale 16 Repayment 27 Credit sale 30 CRJ 8,900 12,600 DR 3,700 DR 5,800 DR SJ 2,100 Jun Jun Jun 30 30 30 Balance Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=825-100.Cash_bankRec) GENERAL LEDGER Account: Cash Account No. 100 ef. Debit Credit Date Description R May 31 Balance Jun 30 Total from cash receipts journal 30 Total from cash payments journal Balance 65,019 DR 274,254 DR 162,043 DR CRJ 209,235 Jun CP 112,211 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Balance Account: ARC - Accounts Receivable Control Account No. 110 Date Ref. Debit Credit Description 31 Balance 30 Total from sales journal 30 Total from cash receipts journal 30 May Jun Jun Jun Balance 61,609 DR 116,524 DR 47,887 DR 54.915 SJ CRJ 68,637 Jun 30 Jun 30 Jun Jun 30 30 Balance Account: APC - Accounts Payable Control Account No. 210 Ref. Debit Credit 2,880 Balance 78,676 CR 75,796 CR 85,556 CR 3,120 CR 9.760 CPJ 82.436 Date May Jun Jun Jun Jun Jun Jun Jun Description 31 Balance 21 Purchase return to J. J. Spud 30 Total from purchases journal 30 Total from cash payments journal 30 30 30 30 Balance C O Account: Interest Revenue Account No. 403 Description Ref. Debit Credit Balance Balance Date May Jun Jun 31 30 30 Jun 30 Jun 30 Balance Account: Interest Expense Account No. 571 R ef. Debit Credit Balance Date May Jun Jun Jun Description 31 Balance 30 30 30 Jun 30 Balance Account: Admin. Expense - Bank Charges Account No. 572 Ref. Debit Credit Balance Date May Jun Jun Jun Jun Description 31 Balance 30 30 30 30 Balance Bank reconciliation Now that you have completed the end of month posting procedure, you are required to prepare a bank reconciliaton as at June 30, 2020. Your progress The purpose of the bank reconciliation process is to reconcile the balance of cash shown in the company's ledger account against the balance of cash reported in the bank statement. INTRODUCTION TRANSACTIONS WEEK 1 TRANSACTIONS WEEK 2 Instructions for bank reconciliation 1) Prepare the bank reconciliation statement as at June 30, 2020. To do this, you will need to use: TRANSACTIONS TRANSACTIONS TRANSACTIONS WEEK 4 . the previous month's bank reconciliation statement, and the current month's bank statement and cash journals Note that the bank reconciliation statement provided below may contain more rows than required. END OF MONTH POSTING BANK RECONCILIATION WORKSHEET 2) Use the bank reconciliation statement to record the relevant reconciling items in the general journal. 3) Post entries recorded in the general journal to the appropriate ledger accounts according to the company's accounting policies and procedures. FINANCIAL STATEMENTS SCHEDULES OF ACCOUNTS ADJUSTING ENTRIES 4) Record the updated balance of each ledger account in the Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Balance row must still be filled out in order to receive full points. CLOSING ENTRIES POST-CLOSING TRIAL BALANCE YOU HAVE NOW FINISHED Back-On-Track functionality 8 Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Completed: 57% (approximately) This page will take up to 2 hours Remaining pages will take: up to 7 hours The time frames we provide are a guide only. It may take you more or less time to complete each page. Your grading Remember: Enter all answers to the nearest whole dollar. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column. You are also required to apply the journals and ledgers instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Your grading outcome (still in progress) Awarded Total Points (prior to this page) 574 659 Points on this page) - 172 Points (after this page) - 246 Total 574 1,077 Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=822.bankRecQuestion) Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=822.bankRecQuesti Outsport OUT SPORT Bank Reconciliation Statement June 30, 2020 1 Balance per bank Add: 1 Deduct: 1 Adjusted balance per bank 0000000000000000000000000000000000000000000000000000000000000000000000 Balance per book Add: 1 Deduct: 1 Adjusted balance per book Print Close CASH RECEIPTS JOURNAL Date Account Post Ref. 250 X 110- 1 2,880 Jun 1 Bank Loan Payable Jun 6 Sales Revenue Jun 12 ARC - The Locker Room Jun 13 Sales Revenue Jun 16 ARC - Jump Around Jun 17 ARC - Mick's Sporting Goods Jun 20 Sales Revenue Jun 27 Sales Revenue Jun 29 ARC - Great Sports Jun 29 Sales Revenue Total X 110-6 110-3 x X 110-4 x Debit Cost of Sales Sales Accounts Other Goods Cash Revenue Tax Receivable Accounts Sold 60,000 60,000 17,052 16,240 812 7.540 6,000 6,000 6,426 6,120 306 8,900 8,900 47,680 47.680 22,491 21,420 1,071 16.320 26,061 24,820 1,241 13.380 6,057 6,057 8,568 8,160 408 4,120 209,235 76,760 3,838 68,637 60,000 44,240 (100) (400)| (240)| (110) (X) (500)/(120) Post reference CASH PAYMENTS JOURNAL Credit Date Account Check No. Post Ref. Debit Accounts Merchandise Wages Other Payable Inventory Expense Accounts Cash 7,680 7,200 673 674 675 676 677 678 679 210-2 210-4 220 6,100 1,219 1,722 8,000 Jun 1 Merchandise Inventory Jun 2 APC - Sports 'R Us Jun 2 APC - Sport Borders Jun 4 Wages Payable Jun 11 Wages Expense Jun 13 APC -Addax Sports Jun 14 Electricity Payable Jun 15 Prepaid Rent Jun 18 Wages Expense Jun 22 APC - Hike Jun 23 APC - J. J. Spud Jun 25 Wages Expense Jun 29 Merchandise Inventory Jun 30 Salary Expense Total 210-5 221 140 680 7,680 7,200 6,100 1,000 2,219 1,722 8,000 1,313 1,313 2,000 2,000 2,115 12,123 49,013 1,546 4,480 6,700 6,700 11,013 112,211 (x) (100) 681 2,115 210-1 210-3 12,123 49,013 682 683 684 685 1,546 4,480 686 545 82,436 (210) 12,160 (120) 6,602 (516) Post reference Bank statement - June EARTH OBANK San Francisco branch Christopher Jensen 557 Ford Lane San Francisco, CA 94104 Account No. 89975963 Page No. Outsport Debit Credit $1,250 $10,637 $60,000 $10,490 $5,600 $7,200 S2.219 $7,680 56,100 $17,052 $1,722 $8,000 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 1 672 JUN 3 DEPOSIT - Great Sports JUN 4 LOAN JUN 4 DEPOSIT - The Locker Room JUN 5 671 JUN 6 674 JUN 6 676 JUN 6 673 JUN 8 675 JUN 10 DEPOSIT - Cash sales JUN 12 677 JUN 14 678 JUN 16 DEPOSIT - The Locker Room JUN 18 DEPOSIT - Jump Around JUN 18 680 JUN 19 DEPOSIT - Cash sales JUN 19 681 JUN 20 NSF CHECK - Jump Around JUN 20 679 JUN 25 683 JUN 26 684 JUN 27 DEPOSIT - Cash sales JUN 30 DEPOSIT - Cash sales JUN 30 685 JUN 30 686 JUN 30 INTEREST JUN 30 TRANSACTIONS FEE S6,000 $8,900 Balance $50,742 CR S49,492 CR S60,129 CR S120,129 CR S130,619 CR $125,019 CR S117,819 CR $115,600 CR $107,920 CR $101,820 CR $118,872 CR $117,150 CR S109,150 CR $115,150 CR S124,050 CR $122,050 CR $128,476 CR $126,361 CR $117,461 CR $116, 148 CR S67,135 CR 565,589 CR S88,080 CR S114,141 CR $109,661 CR $102,961 CR S103,506 CR S103,495 CR $2,000 $6,426 S2,115 $8.900 $1,313 $49,013 $1,546 $22,491 $26,061 $4,480 $6,700 S545 S11 Last statement to 05/31/ 20 this statement to 0 6/30/20 Total debits Total credits Final balance $115,849 $ 168,602 $103,495 CR Proceeds of checks will not be available until cleared. All entries for the last business day are subject to verification and authorization. Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement NSF means Not-Sufficient Funds Bank reconciliation statement ~ May Outsport OUT SPORT Bank Reconciliation Statement May 31, 2020 $50,742 Balance per bank Add: deposit in transit from Great Sports deposit in transit from The Locker Room $10,637 10,490 21,127 71,869 00000000000000000000000000000000000000000 Deduct: outstanding check outstanding check Adjusted balance per bank No. 671 $5,600 No. 672 1,250 6,850 $65,019 $64,819 Balance per book: Add: interest earned 211 65,030 Deduct: bank service charge Adjusted balance per book $65,019 Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=823.generalJourna GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit 2,880 21 APC - J. J. Spud Jun 21 Merchandise Inventory (purchase return) 210/210-3 120 2,880 (select) (select) Jun (select) (select) (select) (select) Jun 30 select) (select Submit answers Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=824-110-5.Accts Rec5_bankRec) SUBSIDIARY LEDGERS Account: ARC - Balls 'n All Account No. 110-5 Ref. Debit Credit Balance 34.860 34.860 DR Date May Jun Jun Jun Jun Description 31 Balance 21 Credit sale 30 30 30 Jun 30 Balance (Q=824-110-6.Accts Rec6_bankRec) Account: ARC - Jump Around Account No. 110-6 Date Ref. Debit Credit Balance SJ 12,600 May Jun Jun Jun Jun Description 31 Balance 10 Credit sale 16 Repayment 27 Credit sale 30 CRJ 8,900 12,600 DR 3,700 DR 5,800 DR SJ 2,100 Jun Jun Jun 30 30 30 Balance Show All Bank Reconciliation General Journal Subsidiary Ledgers General Ledger (Q=825-100.Cash_bankRec) GENERAL LEDGER Account: Cash Account No. 100 ef. Debit Credit Date Description R May 31 Balance Jun 30 Total from cash receipts journal 30 Total from cash payments journal Balance 65,019 DR 274,254 DR 162,043 DR CRJ 209,235 Jun CP 112,211 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Balance Account: ARC - Accounts Receivable Control Account No. 110 Date Ref. Debit Credit Description 31 Balance 30 Total from sales journal 30 Total from cash receipts journal 30 May Jun Jun Jun Balance 61,609 DR 116,524 DR 47,887 DR 54.915 SJ CRJ 68,637 Jun 30 Jun 30 Jun Jun 30 30 Balance Account: APC - Accounts Payable Control Account No. 210 Ref. Debit Credit 2,880 Balance 78,676 CR 75,796 CR 85,556 CR 3,120 CR 9.760 CPJ 82.436 Date May Jun Jun Jun Jun Jun Jun Jun Description 31 Balance 21 Purchase return to J. J. Spud 30 Total from purchases journal 30 Total from cash payments journal 30 30 30 30 Balance C O Account: Interest Revenue Account No. 403 Description Ref. Debit Credit Balance Balance Date May Jun Jun 31 30 30 Jun 30 Jun 30 Balance Account: Interest Expense Account No. 571 R ef. Debit Credit Balance Date May Jun Jun Jun Description 31 Balance 30 30 30 Jun 30 Balance Account: Admin. Expense - Bank Charges Account No. 572 Ref. Debit Credit Balance Date May Jun Jun Jun Jun Description 31 Balance 30 30 30 30 Balance
