Prepare the bank reconciliation statement as at June 30, 2023. To do this, you will need to use:
Account: APC - Accounts Payable Control Account No. 210 Account: Interest Revenue Account No. 403 Account: Interest Expense Account No. 571 Account: Admin. Expense - Bank Charges Account No. 572 CASH PAYMENTS JOURNAL GENERAL JOURNAL Now that you have completed the end of month posting procedure, you are required to prepare a bank reconciliaton as at June 30, 2023. 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. Instructions for bank reconciliation 1) Prepare the bank reconciliation statement as at June 30,2023 . To do this, you will need to use: - the previous month's bank reconciliation statement, and - the current month's bank statement is and cash journals 2 Note that the bank reconciliation statement provided below may contain more rows than required. 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 . 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. Back-On-Track functionality 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. 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 1101, you should type '110/110-1' into the Post Ref. column. - You are also required to apply the journals and ledgers instructions N 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. (Q=822. bankRecQues Hi-Fi Way Bank Reconciliation Statement June 30, 2023 Add: deposit in transit Deduct: No. No. No. Adjusted balance per bank Balance per book Add: Deduct: Adjusted balance per book CASH RECEIPTS JOURNAL 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. Account: ARC - Accounts Receivable Control Account No. 110 Bank reconciliation statement May Hi-Fi Way Bank Reconciliation Statement May 31, 2023 Account: ARC - Turbo Tech Account No. 110-5 Account: ARC - Jerry Technology Account No. 110-6 Account: APC - Accounts Payable Control Account No. 210 Account: Interest Revenue Account No. 403 Account: Interest Expense Account No. 571 Account: Admin. Expense - Bank Charges Account No. 572 CASH PAYMENTS JOURNAL GENERAL JOURNAL Now that you have completed the end of month posting procedure, you are required to prepare a bank reconciliaton as at June 30, 2023. 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. Instructions for bank reconciliation 1) Prepare the bank reconciliation statement as at June 30,2023 . To do this, you will need to use: - the previous month's bank reconciliation statement, and - the current month's bank statement is and cash journals 2 Note that the bank reconciliation statement provided below may contain more rows than required. 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 . 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. Back-On-Track functionality 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. 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 1101, you should type '110/110-1' into the Post Ref. column. - You are also required to apply the journals and ledgers instructions N 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. (Q=822. bankRecQues Hi-Fi Way Bank Reconciliation Statement June 30, 2023 Add: deposit in transit Deduct: No. No. No. Adjusted balance per bank Balance per book Add: Deduct: Adjusted balance per book CASH RECEIPTS JOURNAL 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. Account: ARC - Accounts Receivable Control Account No. 110 Bank reconciliation statement May Hi-Fi Way Bank Reconciliation Statement May 31, 2023 Account: ARC - Turbo Tech Account No. 110-5 Account: ARC - Jerry Technology Account No. 110-6
