Internal Cash Control
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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
Add deposits: $116
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
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Solution Summary
This solution is comprised of a detailed explanation to answer the request of the assignment in text file.
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. ...
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