Personal financing - First Blank --> date on the bank statement OR Reconciliation date

Second blank --> Monthly or Quarterly

Please show your work.

Fourth State Bank of San Francisco, CA Statement of Account June 2011 Samuel Smythe 550 Angel Street San Francisco, CA Account 348596 Balance Date Subtractions Additions 1,246.00 6-01 6-01 6-03 Description Previous balance Deposit Check 900 500.00 1,746.00 550.00 1.196.00 Withdrawals Date Jun-01 Jun-03 Balance $1,746.00 1,196.00 Samuel's Account Ledger Transaction Description Deposit Deposit - Payroll $500.00 Check 900 - Rent Check 901 - Car payment ATM withdrawal 87501 Deposit - Birthday gift 125.00 ATM withdrawal 89502 Jun-04 $550.00 275.00 25.00 921.00 896.00 Jun-05 Jun-05 1,021.00 Jun-11 35.15 985.85 Using the documentation from the bank and from Samuel's check register, construct the bank reconciliation statement for June 26. Note: Any items that you enter into the bank reconciliation statement should be entered in the order in which they appeared on the account ledger and bank statement. Samuel Smythe's Bank Reconciliation for June 29 Ending balance per bank statement, June 26 Add: Deposit in transit Deduct: Outstanding checks and ATM transactions Check number ATM number Check number ATM number Total withdrawals Adjusted bank balance Balance per books, June 29 6. Checking account reconciliation Aa Aa How Do You Balance Your Checkbook? Your roommate, Samuel, is embarrassed. He has never before had a checking account, but he finally opened one last month. He's standing in the doorway of the kitchen with his check register in one hand and his recently arrived bank statement in the other. Admitting that he doesn't know what to do next, he's asked for your help in learning how to reconcile, or balance, his checkbook. Being both a good friend and a student of personal finance, you've agreed to walk Samuel through the process. Moreover, knowing the value of asking and answering good questions when learning how to do something, Samuel agreed to answer your questions about the process. Samuel: Thanks for helping me with this bank statement thing. So, where do we start? You: Let's start with some preliminary questions. I'll ask and you answer, and we'll agree on some fundamentals about reconciling bank accounts. So, why is it a good idea to reconcile your bank account or balance your checkbook? Samuel: According to my personal finance book, reconciling my account will help me spot potential errors in the bank statement or my own records, and it will verify my account's actual balance as of the You: You're absolutely correct! Now, according to the experts, how frequently should a bank reconciliation be performed, and how frequently should ongoing or between-statement deposits and withdrawals be verified with the bank? Samuel: That's an easy one. I remember reading that I should reconcile my bank account but I should verify my ongoing deposit and withdrawal transactions online every couple of days. You: That's right! Now that you've got the fundamentals under control, let's go through the actual process of balancing the checkbook