Question

You recently started work in the accounting department at Fagan Industries. Your first task is to reconcile the bank statement as at December 31, 2015. You have been provided with the required information to reconcile the bank statement, and you notice that the date of the previous bank reconciliation is October 31.
DECEMBER BANK STATEMENT:
NOVEMBER BANK STATEMENT:
CASH ACCOUNT TRANSACTIONS FOR NOVEMBER AND DECEMBER:
GL Account: CASH IN BANK 1040
For the period of NOV-01-15 to DEC-31-15
PRECEDING BANK RECONCILIATION (DATED OCTOBER 31):
Instructions
1. Prepare a bank reconciliation as at December 31, 2015. Assume that any errors in recording deposits were made by the company and any errors in recording cheques were made by the bank.
2. Journalize any necessary entries.
3. What should be the balance of the Cash Account as at December 31, 2015?


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  • CreatedSeptember 15, 2015
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