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Bob's Vitamins has just completed its first month of business and Bob has received his first bank statement and needs to reconcile it. Below are the bank statement and Bob's Cash Account, along with the details that went into creating the cash account. Can you help him reconcile the two? Hint: The process of reconciling bank balance and book balance is quite simple. Add (subtract) to the bank balance those things that you know about account that the bank does not know Add (Subtract) to your book balance those things that the bank knows about your account that you do not know until reported by the bank. Sparta Community Bank 123 East Main Street Sparta, Illinois Bob's Vitamins 223 West Market Street Sparta, Illinois BUSINESS ACCOUNT 03-4538245 Balance Withdrawal Balance This Statement The Month of March, 20 March 1 Balance March Deposits March Checks March 31 Balance Details 3-Mar Deposit Check 1001 Check 1002 Check 1003 10-Mar Deposit . Check 1004 Check 1005 25 200 38 4560 200 10,000 13,152 (7,729) 15,423 1685 2465

Bob's Vitamins has just completed its first month of business and Bob has received his first bank statement and needs to reconcile it. Below are the bank statement and Bob's Cash Account, along with the details that went into creating the cash account. Can you help him reconcile the two? Hint: The process of reconciling bank balance and book balance is quite simple. Add (subtract) to the bank balance those things that you know about account that the bank does not know Add (Subtract) to your book balance those things that the bank knows about your account that you do not know until reported by the bank. Sparta Community Bank 123 East Main Street Sparta, Illinois Bob's Vitamins 223 West Market Street Sparta, Illinois BUSINESS ACCOUNT 03-4538245 Balance Withdrawal Balance This Statement The Month of March, 20 March 1 Balance March Deposits March Checks March 31 Balance Details 3-Mar Deposit Check 1001 Check 1002 Check 1003 10-Mar Deposit . Check 1004 Check 1005 25 200 38 4560 200 10,000 13,152 (7,729) 15,423 1685 2465

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5DQ
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1. Font Bob's Vitamins has just completed its first month of business and Bob has received his first bank statement and needs to reconcile it. Below are the bank statement and Bob's Cash Account, along with the details that went into creating the cash account. Can you help him reconcile the two? Hint: The process of reconciling bank balance and book balance is quite simple. Add (subtract) to the bank balance those things that you know about account that the bank does not know Sparta Community Bank 123 East Main Street Sparta, Illinois Add (Subtract) to your book balance those things that the bank knows about your account that you do not know until reported by the bank. 5 Bob's Vitamins 223 West Market Street Sparta, Illinois BUSINESS ACCOUNT 03-4538245 Balance Last statement 10000 Deposits/Credits Checks 2 Accessibility: Investigate o search 3-Mar 1685 10-Mar 2465 17-Mar 2899 1001 25 1002 200 1004 4560 1005 200 Other withdrawals/debits NSF check Paragraph 43 Deposits 10856 Et Withdrawals 6808 C 20-Mar 24-Mar 31-Mar 3₁ 1006 1008 1010 1011 TEM 325 Direct deposit 3450 Balance This Statement 14048 32 Interest paid 56 1500 200 24 A # V W no Bob's Vitamins Cash Account Summary for The Month of March, 20XX March 1 Balance March Deposits March Checks March 31 Balance Details 3-Mar Deposit Check 1001 Check 1002 Check 1003 10-Mar Deposit Check 1004 Check 1005 Check 1006 17-Mar Deposit Check 1007 Check 1008 Check 1009 24-Mar Deposit Check 1010 Check 1011 31-Mar Deposit Check 1012 25 200 38 4560 200 56 526 1500 200 10,000 13,152 (7,729) 15,423 200 24 200 1685 2465 2899 3450 2653 REDESIGNED, RELIABLE. READY FOR YOU
Transcribed Image Text:1. Font Bob's Vitamins has just completed its first month of business and Bob has received his first bank statement and needs to reconcile it. Below are the bank statement and Bob's Cash Account, along with the details that went into creating the cash account. Can you help him reconcile the two? Hint: The process of reconciling bank balance and book balance is quite simple. Add (subtract) to the bank balance those things that you know about account that the bank does not know Sparta Community Bank 123 East Main Street Sparta, Illinois Add (Subtract) to your book balance those things that the bank knows about your account that you do not know until reported by the bank. 5 Bob's Vitamins 223 West Market Street Sparta, Illinois BUSINESS ACCOUNT 03-4538245 Balance Last statement 10000 Deposits/Credits Checks 2 Accessibility: Investigate o search 3-Mar 1685 10-Mar 2465 17-Mar 2899 1001 25 1002 200 1004 4560 1005 200 Other withdrawals/debits NSF check Paragraph 43 Deposits 10856 Et Withdrawals 6808 C 20-Mar 24-Mar 31-Mar 3₁ 1006 1008 1010 1011 TEM 325 Direct deposit 3450 Balance This Statement 14048 32 Interest paid 56 1500 200 24 A # V W no Bob's Vitamins Cash Account Summary for The Month of March, 20XX March 1 Balance March Deposits March Checks March 31 Balance Details 3-Mar Deposit Check 1001 Check 1002 Check 1003 10-Mar Deposit Check 1004 Check 1005 Check 1006 17-Mar Deposit Check 1007 Check 1008 Check 1009 24-Mar Deposit Check 1010 Check 1011 31-Mar Deposit Check 1012 25 200 38 4560 200 56 526 1500 200 10,000 13,152 (7,729) 15,423 200 24 200 1685 2465 2899 3450 2653 REDESIGNED, RELIABLE. READY FOR YOU
Fill in the blank. Bank Balance Ending Balance, March 31 Additions: Bob's Vitamins Reconciliation of bank and book balance at March 31, 20XX Deposit in transit Subtraction Checks outstanding Total Correct cash balance $15, Book Balance Ending book balance, March 31 Additions: Direct deposit Interest earned Subtractions NSF check returned Total Correct cash balance $15,
Transcribed Image Text:Fill in the blank. Bank Balance Ending Balance, March 31 Additions: Bob's Vitamins Reconciliation of bank and book balance at March 31, 20XX Deposit in transit Subtraction Checks outstanding Total Correct cash balance $15, Book Balance Ending book balance, March 31 Additions: Direct deposit Interest earned Subtractions NSF check returned Total Correct cash balance $15,
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