Statement Date December 31, 20XX BALANCE THIS STATEMENT SCOTS FEDERAL CREDIT UNION Statement of Account Account Number 8900-14-124-106 BALANCE LAST Checks and Other Deposits and Debits STATEMENT Other Credits No. Total No. Total $22,866.00 12 $18,607.00 5 $48,762.00 Date Checks Cleared Deposits Made Other Transactions 12/1/20XX 12/3/20XX Check #150 $480.00 $10,000.00 12/7/20XX Check #151 $2,300.00 12/9/20XX Check #154 $1,250.00 12/12/20XX Check #152 $1,200.00 $12,500.00 12/16/20XX Check #153 $1,000.00 12/17/20XX Check #155 $3,000.00 12/18/20XX Check #156 $500.00 $15,000.00 12/19/20XX Check #157 $1,200.00 ($ 262) 12/20/20XX Check #158 NSF check $1,000.00 $10,262.00 EFT deposit . $1,000 12/24/20XX Service Charge ($ 157 12/28/20XX Check #160 $53,021.00 Daily Balance $22.866.00 $32.386.00 $30,086.00 $28,836,00 $40,135,00 $39.136.00 $36,136.00 $50,636.00 549,436.00 $48.174.00 $59.436.00 553,021.00 $6,400.00 12/31/20XX 1313/1/20NX Flow Food MartT A CASIL 322.866.00 $10,000.00 $12.500.00 $15,000.00 32.300.00 $1,200.00 51,000.00 $1,250.00 $3,000.00 $500.00 $1,200.00 $1,000.00 $600.00 $6,400.00 $1,100.00 $700.00 Chechanso Check hiss Check152 Check #153 Check $154 Check 0155 Check #156 Check #157 Check 8158 Check 0159 Check #160 Check #161 Check #162 Check #163 $10,262.00 $3,000.00 $4,500.00 $56,273.00 $1,125.00 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. 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: 1. Multi-Step Income Statement b. Statement of Retained Earnings c. Classified Balance Sheet bunk Shutterstock.com Scots Federal Credit Union For the Month of December 20XX Balance Per Bank Statement Plus: Deposits in Transit Less: Outstanding Checks Adjusted Bank Balance Hdas Food Market General Ledger for the Month of December 20XX Unadjusted T-Account Balance Plus: Credits Previously Not Recorded Less: Debits Previously 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 to the end of the month Adjusted Balance Equals - Change in Cash Note: The Change can be an increase in cash, or a decrease in cash for the period
