business practice to reconcile the bank accounts on a m Requirement 3. It is ac

Question

business practice to reconcile the bank accounts on a m Requirement 3. It is ac summary. Reconcile the bank account by comparing the following annual summary statement from Rapids City National Bank to the Cash account in the general ledger. Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference Start by reconciling the bank account by comparing the following annual summary statement from Rapids City National Bank to the Cash account in the general ledger. For any outstanding checks, use the appropriate transaction letter'descriptions in lieu of check numbers to identify each outstanding paynent.

Explanation / Answer

Solution:

Speciality Appliances Center - Rapids City Bank Reconciliation - December 31, 2018 Bank's Cash balance Company's cash balance Particulars Amount Particulars Amount Ending balance as per Bank Statements $312,250.00 Ending Balance as per cash books $400,308.00 Additions: Additions: Outstanding cash receipt $150,500.00 Interest earned $1,350.00 Deductions: Deductions: Outstanding Checks ($32 + $3,000 + $60,300) $63,332.00 Check printing charges $140.00 Service Charge $2,100.00 Up to date cash balance as per bank $399,418.00 Up to date cash balance as per books $399,418.00

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