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The Bank

Reconciliation
Process
Step 1. Adjusting the Balance per
Bank
The first step is to adjust the
balance on the bank statement to
the true, adjusted, or corrected
balance. The items necessary for
this step are listed in the following
schedule:
Balance per Bank Statement on Aug.
31, 2014
Adjustments:
Add: Deposits in Transit
Deduct: Outstanding Checks
Add or Deduct: Bank Errors
Adjusted/ Corrected Balance per Bank
Step 2. Adjusting the Balance
per Books
To adjust the balance in the
Company’s Cash Account so that
it is true, adjusted, or
corrected balance. Examples of
the items involved.
Balance per Books on Aug. 31, 2014
Adjustments:
Deduct: Bank Service Charges
Deduct: NSF Checks and fees
Deduct: Check printing charges
Add: Interest earned
Add: Notes Receivable collected by bank
Add or Deduct Errors in Company’s Cash account
Adjusted/Corrected Balance per Books
Step 3. Comparing the Adjusted
Balances
After adjusting the balance per
bank (Step 1) and after adjusting
the balance per books (Step 2),
the two adjusted amounts
should be equal.
If they are not equal, you must repeat
the process until the balances are
identical. The balances should be the
true, correct amount of cash as of the
date of the bank reconciliation. The
adjusted cash balance will appear as the
Cash in Bank in the Statement of
Financial Position (Balance
Sheet).
1. For the month of May 2016, Tope Company issued
the following checks as recorded in its
Cash Disbursement Journal:
Check Date Check No. Payee Amount
5/2/2016 1256 Jane 2,000
5/10/2016 1257 May 300
5/15/2016 1258 Nicole 4,500
5/18/2016 1259 Mica 8,700
5/30/2016 1260 Arianne 1,200
As per the bank statement received by Tope, the following
checks were presented and paid by the bank.
Instruction: Identify checks outstanding as of end of May 2016.
Check No. Payee Amount
1256 Jane 2,000
1259 Mica 8,700
1260 Arianne 1,200
Instruction: Identify checks outstanding as of end of
May 2016
2. The cash receipt journal of Malaya merchandising reflected the
following collections for the month of April 2016.

Official Official Customer Amount


Receipt Date Receipt No.

5/2/2016 4171 Francis 4,000


5/8/2016 4172 Vincent 2,000
5/9/2016 4173 Renson 8,900
5/25/2016 4174 Jestoni 7,800
5/26/2016 4175 Jericho 3,200
It is the policy of the company to deposit collection within
the following day from the date of collection.

The bank statement for April 2016 revealed following deposits made:

Deposit Date Amount


5/3/2016 4,000
5/9/2016 2,000
5/10/2016 8,900
5/26/2016 7,800
Instruction: Compute for deposit in transit or
undeposited collection as of end April 2016.