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Posted on Jul 17, 2024

Project Reconcion SCOTS FEDERAL CREDIT UNION Account Number Statement Date Statement of Account December 31, 20XX 8900-14-124-106 BALANCE THIS Checks and Other Deposits and BALANCE

Project Reconcion SCOTS FEDERAL CREDIT UNION Account Number Statement Date Statement of Account December 31, 20XX 8900-14-124-106 BALANCE THIS Checks and Other Deposits and BALANCE LAST Debits Other Credits STATEMENT STATEMENT Na Total No. Total 522,866,00 $53,021.00 12 $18,607.00 $48,762.00 5 Date Daily Balance Checks Cleared Deposits Made Other Transactions 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 12/18/20XX Check #156 $500.00 $15,000.00 $50,636.00 12/19/20XX Check #157 $1,200.00 $49,436.00 12/20/20XX Check #158 $1,000.00 NSF check ($ 262) $48,174.00 12/24/20XX $10,262.00 EFT deposit $1,000 $59,436.00 12/28/20XX Check #160 $6,400.00 Service Charge ($15) $53,021.00 12/31/20XX BB12/1/20XX Fidos 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 #150 Check #151 Check #152 Check #153 Check #154 Check #155 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: 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 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: - Multi-Step Income Statement b. Statement of Retained Earnings Clarified Balance Sheet Project Reconcion SCOTS FEDERAL CREDIT UNION Account Number Statement Date Statement of Account December 31, 20XX 8900-14-124-106 BALANCE THIS Checks and Other Deposits and BALANCE LAST Debits Other Credits STATEMENT STATEMENT Na Total No. Total 522,866,00 $53,021.00 12 $18,607.00 $48,762.00 5 Date Daily Balance Checks Cleared Deposits Made Other Transactions 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 12/18/20XX Check #156 $500.00 $15,000.00 $50,636.00 12/19/20XX Check #157 $1,200.00 $49,436.00 12/20/20XX Check #158 $1,000.00 NSF check ($ 262) $48,174.00 12/24/20XX $10,262.00 EFT deposit $1,000 $59,436.00 12/28/20XX Check #160 $6,400.00 Service Charge ($15) $53,021.00 12/31/20XX BB12/1/20XX Fidos 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 #150 Check #151 Check #152 Check #153 Check #154 Check #155 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: 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 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: - Multi-Step Income Statement b. Statement of Retained Earnings Clarified Balance Sheet