We Consult You
		Cash Transactions
		March 31, 2022
General Ledger/ Company Books			Bank Statement
Transaction Type			Transaction Type
Check 1762	1,414.13		Deposit 1224	127.98
Check 1763	1,783.98		Deposit 1228	2,985.12
Check 1764	2,041.73		NSF Check 1213	2,645.05
Check 1765	987.34		NSF Check 1217	924.17
Check 1766	1,501.19		NSF Fees 1	25.00
Check 1767	2,278.18		NSF Fees 2	35.00
Check 1768	4,398.01		Deposit 1227	1,819.13
Check 1769	1,349.56		Deposit 1225	289.75
Check 1770	2,430.61		Deposit 1226	699.46
Check 1771	1,513.19		Deposit 1223	2,073.14
Check 1772	2,985.09		Deposit 1229	993.09
Check 1773	865.23		Deposit 1230	3,012.23
Check 1774	152.90		Check 1762	1,414.13
Deposit 1223	2,073.14		Check 1764	2,041.73
Deposit 1224	127.98		Check 1765	987.34
Deposit 1225	289.75		Check 1766	1,501.19
Deposit 1226	699.46		Check 1767	2,478.18
Deposit 1227	1,819.13		Check 1768	4,398.01
Deposit 1228	2,985.12		Check 1769	1,349.56
Deposit 1229	993.09		Check 1770	2,430.61
Deposit 1230	3,012.23		Note Collect 1	1,500.00
Deposit 1231	1,264.20		Interest Earned	11.05
Deposit 1232	1,265.38
Deposit 1233	2,613.29

Required information

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[The following information applies to the questions displayed below.]

NOTE: Throughout this lab, every time a screenshot is requested, use your computer's screenshot tool, and paste each screenshot to the same Word document. Label each screenshot in accordance to what is noted in the lab. This document with all of the screenshots included should be uploaded through Connect as a Word or PDF document when you have reached the final step of the lab.

In this lab, you will:

Required:

1. Find the items that need to be reconciled between the company’s general ledger and the bank statement.

Ask the Question: Can we use conditional formatting to highlight reconciling items for a bank reconciliation?

Master the Data

We Consult You has cash transactions recorded in the general ledger and cash transactions reported on the bank statement, including checks, deposits, bank notes, NSF checks, and bank fees. There are several different ways the company and the bank might report different cash items, including the following:

Outstanding checks are checks written by the company but not yet processed by the bank.
Outstanding deposits are deposits recorded by the company but not yet processed by the bank.
NSF checks are checks reported as received by the company, but the bank does not recognize them because the check writer has insufficient funds.

Notes (loans made to customers collected by the bank) and interest (owed on notes from the customers and collected by the bank) collected by banks. The company may not find out about these items until it receives the bank statement.

Bank service fees are fees the bank charges for its banking services and checking accounts. The bank deducts these fees directly from the company’s checking account. The company may not find out about the fee until it receives the monthly bank statement.

Errors are sometimes made by the company or the bank in recording a transaction. Accountants do not find these errors until they compare the amounts for each transaction in the general ledger and each transaction in the bank statement.

Software needed

• Excel
• Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4)

Data: Excel File Lab 5-2 Data.xlsx

Perform the Analysis: Refer to Lab 5-2 in the text for instructions and steps for each the of lab parts.

Share the Story: Bank reconciliations are a basic internal control used by companies to ensure that their cash transactions are properly recorded. By comparing the cash transactions to the independent records of a bank, the company and its auditors can be more certain that its cash transactions are properly recorded. The company may also use this to identify bank errors.

rev: 09_21_2020_QC_CS-228676

1. Upload one Word or PDF document containing all of your screenshots for this Lab using the button below.

Take a screenshot of your final bank reconciliation, and label it “Lab 5-2 Submission.” Please help me with the screenshot picture.

2. Check 1767 is highlighted as a reconciling item both in the general ledger column and in the bank column but for different amounts. The difference is an example of a(n) 

• outstanding deposit

• outstanding check

• error

• note receivable

3. applies a format (or a highlight) to cells differently depending on the content of the individual cells, according to rules set up by the user.

• Conditional formatting

• Conditional highlighting

• Formatting

• Highlighting

4. Since check 1771 is highlighted in blue in the general ledger column, it would be an example of a(n)

• outstanding check

• bank fee

• outstanding deposit

• NSF check

5. When performing bank reconciliations using conditional formatting, it is important to apply the formatting to which of the following?

• Duplicate items

• Unique items

6. An example of a cell highlighted in the bank column of a cash reconciliation would be which of the following?

• outstanding deposit

• outstanding check

• NSF check

• NSF check and outstanding deposit

Answer rating: 100% (QA)

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