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68 Project 1: Bank Reconcil SCOTS FEDERAL CREDIT UNION Statement of Account Account Number Statement Date 8900-14-124-106 December 31, 20XX Checks and Other Deposits and BALANCE LAST BALANCE THIS Debits Other Credits STATEMENT STATEMENT No. Total No. Total $22,866.00 12 $18,607.00 5 $48,762.00 $53,021.00 Date Checks Cleared Deposits Made Other Transactions Daily Balance 12/1/20XX $22,866.00 12/3/20XX Check #150 $480.00 $10,000.00 $32,386.00 12/7/20XX Check #151 $2,300.00 $30,086.00 12/9/20XX Check #154 $1,250.00 $28,836.00 12/12/20XX Check #152 $1,200.00 $12,500.00 $40,136.00 12/16/20XX Check #153 $1,000.00 $39,136.00 12/17/20XX Check #155 $3,000.00 $36,136.00 $500.00 12/18/20XX Check #156 $50,636.00 $15,000.00 $49,436.00 $1,200.00 12/19/20XX Check #157 NSF check ($ 262) $48,174.00 $1,000.00 12/20/20XX Check #158 $10,262.00 EFT deposit + $1,000 $59,436.00 12/24/20XX $53,021.00 Service Charge ($ 15) $6,400.00 12/28/20XX Check #160 12/31/20XX BB12/1/20XX Check #150 Check #151 Check #152 Check #153 Check #154 Check #155 Fido's Food Mart -T Account CASH $22,866.00 $480.00 $10,000.00 $2,300.00 $1,200.00 $1,000.00 $12,500.00 $1,250.00 $3,000.00 $500.00 $15,000.00 $1,200.00 $1,000.00 $600.00 $10,262.00 $6,400.00 $1,100.00 $3,000.00 $700.00 $4,500.00 $1,125.00 $56,273.00 Check #156 Check #157 Check #158 Check #159 Check #160 Check #161 Check #162 Check #163 EB12/31/20XX The bank statement arrived in the mail. Now, the accountant has to complete the following tasks: Reauired: 60 Project : Stocks Credits Debits 52,898 10,250 1,260 20,390 650 320 30,550 12,250 Fido's Food Mart Adjusted Trial Balance December 31, 20XX Account Title Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle Less: Accumulated Depreciation - Equipment & Vehicle Accounts Payable Interest Payable Unearned Revenue (Gift Cards) Dividends Payable Bonds Payable (mature 12/31/XX) Common Stock (200 shares @ $210/share, par $210) Additional Paid In Capital - Common Stock Dividends Declared Treasury Stock Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods Sold Operating Expenses Bad Debt Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Supplies Expense Wages Expense 1,780 62,128 400 275 0 12,000 42,000 0 0 0 0 134,725 40 64,330 34,840 3,260 1,780 160 400 5,750 1,200 15,500 254,568 254,568 Totals Project #11: Bank Reconciliation 69 Fido's Food Mart -T Account CASH BB12/1/20XX $22,866.00 $480.00 Check #150 $10,000.00 $2,300.00 Check #151 Check #152 $1,200.00 Check #153 $1,000.00 $1,250.00 $12,500.00 Check #154 $3,000.00 Check #155 $500.00 $15,000.00 $1,200.00 $1,000.00 Check #156 Check #157 Check #158 $600.00 Check #159 $10,262.00 $6,400.00 Check #160 $1,100.00 Check #161 $3,000.00 Check #162 $700.00 $1,125.00 $4,500.00 Check #163 EB12/31/20XX $56,273.00 The bank statement arrived in the mail. Now, the accountant has to complete the following tasks: Required: 1. Reconcile the bank statement with the Cash T-Account. See the worksheets provided at the end of this project. 2. Record the journal entry to show the changes that need to be made to the Cash T-account. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions, and end balances. 3. Calculate the change in cash for the month of December. 4. Prepare a new Adjusted Trial Balance and highlight the accounts and amounts changed. 5. Using the Updated Trial Balance prepared in step 4, prepare the following: a. Multi-Step Income Statement Statement Retained Earnings c. Classified Balance Sheet 68 Project 1: Bank Reconcil SCOTS FEDERAL CREDIT UNION Statement of Account Account Number Statement Date 8900-14-124-106 December 31, 20XX Checks and Other Deposits and BALANCE LAST BALANCE THIS Debits Other Credits STATEMENT STATEMENT No. Total No. Total $22,866.00 12 $18,607.00 5 $48,762.00 $53,021.00 Date Checks Cleared Deposits Made Other Transactions Daily Balance 12/1/20XX $22,866.00 12/3/20XX Check #150 $480.00 $10,000.00 $32,386.00 12/7/20XX Check #151 $2,300.00 $30,086.00 12/9/20XX Check #154 $1,250.00 $28,836.00 12/12/20XX Check #152 $1,200.00 $12,500.00 $40,136.00 12/16/20XX Check #153 $1,000.00 $39,136.00 12/17/20XX Check #155 $3,000.00 $36,136.00 $500.00 12/18/20XX Check #156 $50,636.00 $15,000.00 $49,436.00 $1,200.00 12/19/20XX Check #157 NSF check ($ 262) $48,174.00 $1,000.00 12/20/20XX Check #158 $10,262.00 EFT deposit + $1,000 $59,436.00 12/24/20XX $53,021.00 Service Charge ($ 15) $6,400.00 12/28/20XX Check #160 12/31/20XX BB12/1/20XX Check #150 Check #151 Check #152 Check #153 Check #154 Check #155 Fido's Food Mart -T Account CASH $22,866.00 $480.00 $10,000.00 $2,300.00 $1,200.00 $1,000.00 $12,500.00 $1,250.00 $3,000.00 $500.00 $15,000.00 $1,200.00 $1,000.00 $600.00 $10,262.00 $6,400.00 $1,100.00 $3,000.00 $700.00 $4,500.00 $1,125.00 $56,273.00 Check #156 Check #157 Check #158 Check #159 Check #160 Check #161 Check #162 Check #163 EB12/31/20XX The bank statement arrived in the mail. Now, the accountant has to complete the following tasks: Reauired: 60 Project : Stocks Credits Debits 52,898 10,250 1,260 20,390 650 320 30,550 12,250 Fido's Food Mart Adjusted Trial Balance December 31, 20XX Account Title Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle Less: Accumulated Depreciation - Equipment & Vehicle Accounts Payable Interest Payable Unearned Revenue (Gift Cards) Dividends Payable Bonds Payable (mature 12/31/XX) Common Stock (200 shares @ $210/share, par $210) Additional Paid In Capital - Common Stock Dividends Declared Treasury Stock Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods Sold Operating Expenses Bad Debt Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Supplies Expense Wages Expense 1,780 62,128 400 275 0 12,000 42,000 0 0 0 0 134,725 40 64,330 34,840 3,260 1,780 160 400 5,750 1,200 15,500 254,568 254,568 Totals Project #11: Bank Reconciliation 69 Fido's Food Mart -T Account CASH BB12/1/20XX $22,866.00 $480.00 Check #150 $10,000.00 $2,300.00 Check #151 Check #152 $1,200.00 Check #153 $1,000.00 $1,250.00 $12,500.00 Check #154 $3,000.00 Check #155 $500.00 $15,000.00 $1,200.00 $1,000.00 Check #156 Check #157 Check #158 $600.00 Check #159 $10,262.00 $6,400.00 Check #160 $1,100.00 Check #161 $3,000.00 Check #162 $700.00 $1,125.00 $4,500.00 Check #163 EB12/31/20XX $56,273.00 The bank statement arrived in the mail. Now, the accountant has to complete the following tasks: Required: 1. Reconcile the bank statement with the Cash T-Account. See the worksheets provided at the end of this project. 2. Record the journal entry to show the changes that need to be made to the Cash T-account. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions, and end balances. 3. Calculate the change in cash for the month of December. 4. Prepare a new Adjusted Trial Balance and highlight the accounts and amounts changed. 5. Using the Updated Trial Balance prepared in step 4, prepare the following: a. Multi-Step Income Statement Statement Retained Earnings c. Classified Balance Sheet