Directions: You own The T-Shirt Factory and must reconcile your checking account

Question

Directions: You own The T-Shirt Factory and must reconcile your checking account each month with the bank statement. You received your monthly bank statement for February. Use the following information and the form below to reconcile your checking account. Checkbook balance Bank statement balance Checks outstanding (checks written which have not yet been cashed) $1,792.50 $972.00 Check No, 455 Check No, 477 Check No. 479 $50.00 $88.00 $125.00 Deposits outstanding (deposits made but not yet recorded by the bank) 3/3 3/4 $550.00 $525.50 $12.00 $4.00 Bank service charge Interest earned on your account You have recorded all deposits in your checkbook. RECONCILIA TION FORM Balance from bank statement Balance from checkbook Add deposits $ not recorded Add outstanding deposits Total outstanding deposits Subtotal Deduct outstanding checks Total deposits not recorded Subtotal Deduct bank fees Total outstanding checks Balance less fees Add interest earned Adjusted bank balance Adjusted checkbook balance

Explanation / Answer

550

525.50

50

88

125

Balance from Bank Statement 972 Balance from Cheque Book 1792.50 Add Outstanding deposits

550

525.50

Add: Deposits not recorded 0 Total Outstanding deposits 1075.5 Total Deposits not recorded 0 Sub total 2047.5 1792.50 Deduct: Outstanding checks

50

88

125

Deduct: Bank fees 12 Total Outstanding Checks 263 Balance less fees 1780.50 Add: Interest earned 4 Adjusted bank balance 1784.50 Adjusted Checkbook balance 1784.50

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