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Recon Bank

The company reconciles its cash balance with the bank statement each month. It checks the statement against its records and makes any needed corrections or adjustments. The company prepares a bank reconciliation to determine the actual cash balance and any entries needed to correct the balance in the company's ledger so that it matches the ending balance on the bank statement.

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imsana minatozaki
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61 views2 pages

Recon Bank

The company reconciles its cash balance with the bank statement each month. It checks the statement against its records and makes any needed corrections or adjustments. The company prepares a bank reconciliation to determine the actual cash balance and any entries needed to correct the balance in the company's ledger so that it matches the ending balance on the bank statement.

Uploaded by

imsana minatozaki
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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The bank sends the company a statement each month.

The company checks this


statement against its records to determine if it must make any corrections or
adjustments in either the company’s balance or the bank’s balance.   A bank
reconciliation is a schedule the company (depositor) prepares to reconcile, or explain,
the difference between the cash balance on the bank statement and the cash balance
on the company’s books. The company prepares a bank reconciliation to determine its
actual cash balance and prepare any entries to correct the cash balance in the ledger.

Bank Statement

A bank statement is a record of your bank account transactions, typically for one month,
prepared by the bank.  A bank statement looks like this:

 First Bank

 Virginia Beach, VA

Customer: My Company

1111 College Way  Statement Date Septemb

Virginia Beach, VA

September 1 Beginning Balance  $16,850

+ Deposits and other Credits $22,367

– Checks and other Debits ($11,822)

September 30 ENDING BALANCE  $27,395

Deposits and Other Credits

1-Sep $1,500 25-Sep

15-Sep $2,514 29-Sep

16-Sep $350 Interest


20-Sep $500 CM

Total Deposits

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