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Project wan: Bank Reconciliation 69 BB12/1/20XX Fido's Food Mart - Account CASH $22,866.00 $480.00 $10,000.00 $2,300.00 $1,200.00 $1,000.00 $12,500.00 $1,250.00 $3,000.00 $500.00 $15,000.00 $1,200.00 $1,000.00 $600.00 $10,262.00 $6,400.00 $1,100.00 $3,000.00 $700.00 $4,500.00 $1,125.00 $56,273.00 Check #150 Check #151 Check #152 Check #153 Check #154 Check #155 Check #156 Check 157 Check #158 Check #159 Check #160 Check #161 Check #162 Check #163 EB12/31/20XX The bank statement arrived in the mail. Now, the accountant has to complete the following tasks: Required: 1. Reconcile the bank statement with the Cash T-Account. See the worksheets provided at the end of this project. 2. Record the journal entry to show the changes that need to be made to the Cash T-account. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions, and end balances. 3. Calculate the change in cash for the month of December 4. Prepare a new Adjusted Trial Balance and highlight the accounts and amounts changed 5. Using the Updated Trial Balance prepared in step 4, prepare the following: a. Multi-Step Income Statement b. Statement of Retained Earnings c. Classified Balance Sheet Projecten: Bank Reconciliation SCOTS FEDERAL CREDIT UNION Statement of Account Account Number Statement Date 8900-14-124-106 December 31, 20XX Checks and Other Deposits and BALANCE THIS BALANCE LAST Debits Other Credits STATEMENT STATEMENT No. Total No. Total $22,866.00 12 $18,607.00 5 $48,762.00 $53,021.00 Date Checks Cleared Deposits Made Other Transactions Daily Balance 12/1/20XX $22,866.00 12/3/20XX Check #150 $480.00 $10,000.00 $32,386.00 12/7/20XX Check #151 $2,300.00 $30,086.00 $28,836,00 12/9/20XX Check #154 $1,250.00 12/12/20XX Check #152 $1,200.00 $40,136.00 $12,500.00 12/16/20XX Check #153 $1,000.00 $39,136.00 $36,136.00 12/17/20XX Check #155 $3,000.00 $50,636.00 12/18/20XX Check #156 $15,000.00 $500.00 $49,436.00 12/19/20XX Check #157 $1,200.00 NSF check ($ 262) $48,174.00 12/20/20XX Check #158 $1,000.00 EFT deposit + $1,000 $10,262.00 $59,436.00 12/24/20XX Service Charge ($15) $53,021.00 12/28/20XX Check #160 $6,400.00 12/31/20XX 000000OOOOAAAA66666 Project wan: Bank Reconciliation 69 BB12/1/20XX Fido's Food Mart - Account CASH $22,866.00 $480.00 $10,000.00 $2,300.00 $1,200.00 $1,000.00 $12,500.00 $1,250.00 $3,000.00 $500.00 $15,000.00 $1,200.00 $1,000.00 $600.00 $10,262.00 $6,400.00 $1,100.00 $3,000.00 $700.00 $4,500.00 $1,125.00 $56,273.00 Check #150 Check #151 Check #152 Check #153 Check #154 Check #155 Check #156 Check 157 Check #158 Check #159 Check #160 Check #161 Check #162 Check #163 EB12/31/20XX The bank statement arrived in the mail. Now, the accountant has to complete the following tasks: Required: 1. Reconcile the bank statement with the Cash T-Account. See the worksheets provided at the end of this project. 2. Record the journal entry to show the changes that need to be made to the Cash T-account. a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions, and end balances. 3. Calculate the change in cash for the month of December 4. Prepare a new Adjusted Trial Balance and highlight the accounts and amounts changed 5. Using the Updated Trial Balance prepared in step 4, prepare the following: a. Multi-Step Income Statement b. Statement of Retained Earnings c. Classified Balance Sheet Projecten: Bank Reconciliation SCOTS FEDERAL CREDIT UNION Statement of Account Account Number Statement Date 8900-14-124-106 December 31, 20XX Checks and Other Deposits and BALANCE THIS BALANCE LAST Debits Other Credits STATEMENT STATEMENT No. Total No. Total $22,866.00 12 $18,607.00 5 $48,762.00 $53,021.00 Date Checks Cleared Deposits Made Other Transactions Daily Balance 12/1/20XX $22,866.00 12/3/20XX Check #150 $480.00 $10,000.00 $32,386.00 12/7/20XX Check #151 $2,300.00 $30,086.00 $28,836,00 12/9/20XX Check #154 $1,250.00 12/12/20XX Check #152 $1,200.00 $40,136.00 $12,500.00 12/16/20XX Check #153 $1,000.00 $39,136.00 $36,136.00 12/17/20XX Check #155 $3,000.00 $50,636.00 12/18/20XX Check #156 $15,000.00 $500.00 $49,436.00 12/19/20XX Check #157 $1,200.00 NSF check ($ 262) $48,174.00 12/20/20XX Check #158 $1,000.00 EFT deposit + $1,000 $10,262.00 $59,436.00 12/24/20XX Service Charge ($15) $53,021.00 12/28/20XX Check #160 $6,400.00 12/31/20XX 000000OOOOAAAA66666

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