Problem -
Now that you have completed the end of month posting procedure, you are required to prepare a bank reconciliation as at June 30, 2017.
The purpose of the bank reconciliation process is to reconcile the balance of cash shown in the company's ledger account against the balance of cash reported in the bank statement.
Instructions for bank reconciliation
1) Prepare the bank reconciliation statement as at June 30, 2017. To do this, you will need to use:
- the previous month's bank reconciliation statement, and
- the current month's bank statement and cash journals
Note that the bank reconciliation statement provided below may contain more rows than required.
2) Use the bank reconciliation statement to record the relevant reconciling items in the general journal.
3) Post entries recorded in the general journal to the appropriate ledger accounts according to the company's accounting policies and procedures.
4) Record the updated balance of each ledger account in the Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Balance row must still be filled out in order to receive full points.
Remember:
Enter all answers to the nearest whole dollar.
There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column.
You are also required to apply the journals and ledgers instructions provided in previous weeks.
Attachment:- Assignment Files.rar