Journal Entries

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BANK RECONCILIATION
Before entering your adjusting entries, complete the bank reconciliation form (page 16) for December 31, the statement date, and the last workday of the month. Enter the cash balance from the trial balance as the book balance and $49,559.93 as the bank statement balance. Additional information needed to complete the reconciliation is listed below: 1.A late deposit of $1,477.00 was not listed on the bank statement. 2.Checks 10064 and 10065 were not returned with the bank statement. 3.Credit memo from the bank for interest earned on the checking account totals $45.60. 4.A debit memo for $103.95 for bank credit card sales (Credit Card Expense) was included on the bank statement. 5.The bank service charges for the period totaled $20.00.

Using the Journalize Daily Entries (Daily JE) option, record the required transactions resulting from the bank reconciliation. Since the entries are updating the balance of the cash account and no check is being issued, when the system asks for a check number, enter BKS12. When an invoice number is requested for the interest earned, or bank service charge, also enter BKS12 (Bank Statement for December). ******************************************************************************* Print a copy of the Trial Balance After the Bank Reconciliation! THIS IS THE TRIAL BALANCE THAT WILL BE USED WHEN RECORDING THE ADJUSTING ENTRIES FOR THE BUSINESS! The totals should match the check figures listed below. The December 31, Trial Balance After the Bank Reconciliation balance is $444,043.72. The new balance of the Cash account is $46,996.93. Bank Service Charges total $78.00, Interest Earned totals $45.60, and Credit Card Expense totals $237.95. If your balances match these figures, you are ready to record and post the adjusting entries for the quarter ended, December 31. Be sure to back up your data files before beginning the adjusting entries.
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