SECTION 4-5 Reconciling the Bank Statement pp. 178-181.

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Presentation transcript:

SECTION 4-5 Reconciling the Bank Statement pp. 178-181

Section Objective Reconcile: a check register with a bank account statement

Key Words to Know reconcile (p. 178) To compare your check register with the bank statement of your checking account to make sure they agree.

Formula Adjusted = Statement – Outstanding Checks/ + Outstanding Balance Balance Payments or Debits Deposits

Fleet Footed Finances p. 178 What documents are needed to reconcile your monthly bank statement?

Example 1 Your statement balance is $598.67. You have an outstanding check for $125.44 and an outstanding debit of $235.42 that didn’t post yet. You also have an outstanding deposit of $231.98. What is your adjusted balance?

Example 1 Answer Step: Calculate the adjusted balance. Statement = Outstanding Checks/ + Outstanding Balance Payments or Debits Deposits $598.67 – ($125.44 + $235.42) + $231.98 $598.67 – $360.86 + $231.98 = $469.79

Example 2 Margaret Miller’s check register balance is $2,261.50. She compares her statement and check register. For each check and deposit listed on her statement, she places a check mark next to the information in her register. She notes that the bank paid her $0.86 in interest.

Example 2 (cont.) Miller finds these outstanding checks and deposits. How does Miller reconcile her statement?

Example 2 Answer Step: Reconcile the balance. Miller uses the reconciliation form on the back of her statement to reconcile her account.

Figure 4.11

Practice 1 Find the adjusted balance. Statement Balance: $1,708.43 Outstanding Checks: $185.29 Outstanding Deposits: $263.04

Practice 1 Answer $1,786.18

Practice 2 Fill in the missing amount. Then determine whether the register and statement balances agree. Check Register Balance: $717.16 Interest: $1.20 Service Charge/Fees: $0 New Balance:

Practice 2 (cont.) Statement Balance: $854.07 Outstanding Checks: $197.46 Outstanding Deposits: $61.75 Adjusted Balance: Do the register and statement balances agree?

Practice 2 Answer Check Register Balance: $717.16 Interest: $1.20 Service Charge/Fees: $0 New Balance: $718.36

Practice 2 Answer (cont.) Statement Balance $854.07 Outstanding Checks $197.46 Outstanding Deposits $61.75 Adjusted Balance: $718.36 Do the register and statement balances agree? Yes

END OF SECTION 4-5 Reconciling the Bank Statement