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A=L+E es 770 96 954 90 957.16 968 75 768 62 778 85 31 Project #II 24 782-85 Bank Reconciliation 99 43 0 57 860 .09 Preview of Chapter At the end of each month, Fido receives a bank statement from its bank. This bank statement shows the information that the bank has processed from the beginning of the month to the end of the month. The accountant must "reconcile" the bank statement details to Fido's accounting records. To do this, the accountant reviews Fido's Cash ledger account to determine where the bank statement and Fido's Cash ledger account do not agree. Most often these differences are expected basis. For instance, many banks charge a monthly service fee. This fee would not be recorded on the company's books until the monthly bank statement arrives, because the company would not know the amount of the charge until that time. The accountant prepares worksheets to show this recon- ciliation, then makes a journal entry to record transaction that may need to be recorded on Fido's Cash ledger account. The accountant should always keep a watchful eye for any transactions that are not the company's responsibility. In those cases, the accountant would contact the bank and ask for a correction of the bank error. Fido's does not have any bank errors in this project. All differences between the bank and the books need to be recorded. on a monthly The "change is cash" is always calculated by referencing the beginning of the period book balance to the end of the period reconciled book balance. Students often confuse this as the change between the recon- ciled and unreconciled balance. The change is the change for the entire accounting period. Again that is the beginning of the month balance com- pared to the reconciled end of the month balance. Analyze and Record Journal Entries Prepare Postclosing Trial Balance Note: The financial statement prepared for this project are needed for the remaining pro- jects. No further financial statement will be prepared. Record Closing Journal Post to Ledger Accounts Entries Prepare Unadjusted Prepare Financial Statements Trial Balance Prepare Adjusted Trial Record Adjusting Journal Balance Entries 67 J Courtesy of Laura K. Bantz and Ann Esarco SCOTS FEDERAL CREDIT UNION Account Number 8900-14-124-106 Statement Date Statement of Account December 31,20XX Checks and Other Deposits and Debits BALANCE THIS STATEMENT BALANCE LAST Other Credits STATEMNT No. Total No. Total $22,866.00 $48,762.00 $53,021.00 12 $18,607.00 Daily Balance Checks Cleared Other Transactions Date Deposits Made $22,866.00 12/1/20XX $32,386.00 Check #150 $480.00 $10,000.00 12/3/20XX $30,086.00 Check #151 $2,300.00 12/7/20XX $28,836.00 Check #154 $1,250.00 12/9/20XX $40,136.00 Check # 152 $12,500.00 $1,200.00 12/12/20XX $39,136.00 $1,000.00 12/16/20XX Check # 153 $36,136.00 $3,000.00 12/17/20XX Check #155 $50,636.00 $15,000.00 $500.00 12/18/20XX Check #156 $49,436.00 $1,200.00 12/19/20XX Check #157 $48,174.00 ($ 262) NSF check $1,000.00 12/20/20XX Check #158 $59,436.00 EFT deposit $1,000 $10,262.00 + 12/24/20XX $53,021.00 ($ 15) Service Charge $6,400.00 12/28/20XX Check #160 12/31/20XX Project #11: Bank Reconciliation Project #11: Bank Reconciliation 69 Fido's Food Mart -TAccount CASH BB12/1/20XX $22,866.00 $480.00 Check #150 Check #151 $10,000.00 $2,300.00 Check #152 $1,200.00 Check #153 $1,000.00 Check #154 $1,250.00 $12,500.00 Check #155 $3,000.00 Check #156 $500.00 Check #157 $1,200.00 $15,000.00 Check #158 $1,000.00 Check #159 $600.00 Check #160 $6,400.00 $10,262.00 Check #161 $1,100.00 Check #162 $700.00 $3,000.00 Check #163 $1,125.00 $4,500.00 $56,273.00 EB12/31/20XX 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. 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. 2. Calculate the change in cash for the month of December. 3. Adjusted Trial Balance and highlight the accounts and amounts changed 4. Prepare a new 5. Using the Updated Trial Balance prepared in step 4, prepare the following: a. Multi-Step Income Statement b. Statement of Retained Earnings c. Classified Balance Sheet Project #11: Bank Reconciliation 70 I Monthly Bank Reconeliation A D w Telel Dess in Tel Outatending h Gemeied Bok lan e Your Buoka Scots Federal Credit Union For the Month of December 20XX Balance Per Bank Statement Plus: Deposits in Transit Less: Outstanding Checks Adjusted Bank Balance essss O burdika/Shutterstock.com Project #11: Bank Reconciliation 71 Fido's Food Market General Ledger for the Month of December 20XX Unadjusted T-Account Balance Plus: Credits Previously Not Recorded Less: Debits Previouslly Not Recorded Adjusted Book Balance Note: When reconciled, both the Adjusted Bank and the Adjusted Book Balances will agree. Change in Cash The Beginning of the month balance Compared Adjusted Balance to the end of the month Equals - Change in Cash or a decrease in cash for the period. Note: The Change can be an increase in cash