Completing a Bank Reconciliation. Supplies Needed: Copy of Figure 4; Bank Statement; Bank Reconciliation Form.
Directions On November 26 you received the bank statement for the November Sales Seminar account for Supreme Appliances, shown in Figure 4. On November 23 you received a check from Als Print Shop for $170.00 as a 10 percent discount for paying promptly.You mailed this check to the bank, but it is not shown on the bank statement. You have checkedr off all the canceled checks and the following checks are outstanding and have not been paid by the bank:
No. 2111 $386.50 No. 2115 $52.40 No. 2120 $110.80 No. 2121 $12.15
A service charge of $20.00 has been charged to your account. Ending balance in the checkbook was $6,430.55. Reconcile the bank statement shown in Figure 4 using C9-AP-A. Key the bank reconciliation.
BANK STATEMENT GILBERT BANK OF ROCHESTER BRANCH: Rochester Main NAME: November Sales Seminar C/O Amanda Quevedo 14 Shady Lane Rochester, NY 14623 ACCOUNT NO. TRANSIT NO. 3570-810-73-1000 00011-112000 BEGINNING BALANCE October 25, 20XX $8,380.25 CODE DESCRIPTION DEBIT CREDIT DAY/MO 10/25 10/26 DD 300.00 BALANCE 8.380.25 8,680.25 10.180.25 13.180.25 11,958.25 DD 10/20 1,500.00 3,000.00 DD 10/29 1.224.00 10/31 CK 11/03 Direct deposit Direct deposit Direct deposit Check #2000 Check #2010 Check #2015 Direct deposit Check #2016 Check #2017 Service charge Check #2018 510.00 450.00 CK 11/05 DD 2.250.00 11/09 11/15 CK 1.700.00 2.000.00 11.446.25 10.996.26 13.248.25 11,546.25 9.540.25 9.526.25 8.802.40 CK 11/18 SC 20.00 11/23 2.723.85 11/23 No. of No. of Checks: 8 Credits: 4 Total Debits: $8.627.85 Total Credits: $7,050.00 November 25, 200X Ending Balance: $6,802.40 FIGURE 4. Bank statement. BANK RECONCILIATION FORM 1. Compare your checking or savings register with your statement. Put a check mark () in your register beside each check, deposit or bank card transaction that appears on your statement. Be sure all amounts in your register match those on your statement. Assume for this problem this has been done and is correct. 2. Identify outstanding checks or withdrawals. List any checks or withdrawals you've written that have not yet appeared on your statement, and total the list in the column provided. (Hint: Use your tab key to move from column to column.) Check Number Dollars Total 3. Identify deposits made after your statement date. Deposit Date Dollars Total 4. 5. 6. Balance in checkbook Subtract service charge Minus amount of service charge Adjusted checkbook balance Balance in bank account a. Ending balance shown on bank statement b. Plus deposits made after statement date (from step 3) c. A plus B d. Minus total of outstanding checks (from step 2) e. C minus D (Total should match register balance) f. If the adjusted bank statement balance and the adjusted checkbook balance do not agree, follow these steps: 1. Find the difference between the two. 2. Check the bank reconciliation to make certain you have made no errors. 3. Look for omissions of checks or deposits. 4. Check for a math error in the check stubs. BANK STATEMENT GILBERT BANK OF ROCHESTER BRANCH: Rochester Main NAME: November Sales Seminar C/O Amanda Quevedo 14 Shady Lane Rochester, NY 14623 ACCOUNT NO. TRANSIT NO. 3570-810-73-1000 00011-112000 BEGINNING BALANCE October 25, 20XX $8,380.25 CODE DESCRIPTION DEBIT CREDIT DAY/MO 10/25 10/26 DD 300.00 BALANCE 8.380.25 8,680.25 10.180.25 13.180.25 11,958.25 DD 10/20 1,500.00 3,000.00 DD 10/29 1.224.00 10/31 CK 11/03 Direct deposit Direct deposit Direct deposit Check #2000 Check #2010 Check #2015 Direct deposit Check #2016 Check #2017 Service charge Check #2018 510.00 450.00 CK 11/05 DD 2.250.00 11/09 11/15 CK 1.700.00 2.000.00 11.446.25 10.996.26 13.248.25 11,546.25 9.540.25 9.526.25 8.802.40 CK 11/18 SC 20.00 11/23 2.723.85 11/23 No. of No. of Checks: 8 Credits: 4 Total Debits: $8.627.85 Total Credits: $7,050.00 November 25, 200X Ending Balance: $6,802.40 FIGURE 4. Bank statement. BANK RECONCILIATION FORM 1. Compare your checking or savings register with your statement. Put a check mark () in your register beside each check, deposit or bank card transaction that appears on your statement. Be sure all amounts in your register match those on your statement. Assume for this problem this has been done and is correct. 2. Identify outstanding checks or withdrawals. List any checks or withdrawals you've written that have not yet appeared on your statement, and total the list in the column provided. (Hint: Use your tab key to move from column to column.) Check Number Dollars Total 3. Identify deposits made after your statement date. Deposit Date Dollars Total 4. 5. 6. Balance in checkbook Subtract service charge Minus amount of service charge Adjusted checkbook balance Balance in bank account a. Ending balance shown on bank statement b. Plus deposits made after statement date (from step 3) c. A plus B d. Minus total of outstanding checks (from step 2) e. C minus D (Total should match register balance) f. If the adjusted bank statement balance and the adjusted checkbook balance do not agree, follow these steps: 1. Find the difference between the two. 2. Check the bank reconciliation to make certain you have made no errors. 3. Look for omissions of checks or deposits. 4. Check for a math error in the check stubs
