Share
Explore BrainMass

# Internal Cash Control

If an individual's check book has the following information:

date : 9/1 check# 0, item: 0 , check amount:0, deposit 0, balance \$525

date: 9/4, check #622 , item: JD's art cafe, check amount \$19, balance \$506

date : 9/9, check #0, item : Dividends received, check amount: 0, deposit \$116,
balance \$622

date: 9/13 , check#623, item: Tire Co., check amount: \$43, balance\$579

date: 9/14 , check #624 , item: GAS, check amount :\$ 58, balance\$521

date: 9/18 , check # 625 , item: CASH, check amount:\$50, balance\$471

date: 9/26, check # 626 , item: Church, check amount\$75, balance\$396

date: 9/28, check # 627, item : Bogus apartments, check amount:\$ 275, balance \$121

date: 9/30 , check #0, item: paycheck , deposit: \$1,500, balance \$1,621

Bank statement information lists the following:

Balance: \$ 525

Debit checks: No # 622 , Amount \$19, No#623 , Amount \$43, No# 624, Amount \$68 (correct amount for check 624, \$68), No# 625, Amount \$50

Total( \$180)

other charges:

printed checks \$18

Service charge \$12

Total (\$30)

Balance (\$431)

How would I go about preparing individual's reconciliation at September 30th? What would be the individual's actual balance on Sep. 30th

#### Solution Preview

First, you need to check the individual's actual balance from the transaction in every day. If you add and deduct the payment, you will get the actual balance of the individual, which is \$1,621, before the reconciliation. ...

#### Solution Summary

This solution is comprised of a detailed explanation to answer the request of the assignment in text file.

\$2.19