Bank Reconciliation And Journal Entries
Bank Reconciliation And Journal Entriesresourcesbank Reconciliation An
Complete P6-6 (page 317) and CP6-2 (page 322) from Chapter 6 of your Financial Accounting textbook. Prepare a bank reconciliation and the related journal entries required through the reconciliation process. All quantitative assignments must be completed on the provided Microsoft Excel templates. Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF. Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the problems in this assessment; each criterion in the scoring guide relates to one or both of the problems here.
Paper For Above instruction
The task requires completing two specific problems from Chapter 6 of the Financial Accounting textbook: P6-6 (page 317) and CP6-2 (page 322). The focus is on preparing a bank reconciliation statement and the associated journal entries that arise during the reconciliation process. This exercise aims to reinforce understanding of how bank statements and company records are reconciled and how necessary journal entries are recorded to reflect adjustments on the company's books.
Bank reconciliation is a fundamental process in financial accounting that ensures the bank statement balance agrees with the company's ledger balance. Over time, discrepancies occur due to timing differences, errors, or omissions, which the reconciliation process aims to identify and adjust. The journal entries prepared usually include adjustments for bank service charges, NSF checks, errors, or other relevant transactions identified during the reconciliation process.
For this assignment, students are required to utilize the Microsoft Excel templates provided for each problem, creating a single comprehensive workbook. This workbook should contain multiple tabs, each dedicated to one of the problems, with the respective templates copied and completed accordingly. Using Excel allows clear presentation of calculations, supporting calculations, and the final reconciled balances, providing transparency and ease of review.
It is critical that all work is visible within the Excel file; no parts of the calculations should be omitted. This transparency facilitates grading and ensures accuracy in applying accounting principles. The submission must be a single Excel file, named appropriately with the student's name and assignment details, and entries on each tab must include the student’s name and problem number for clarity.
The importance of this assignment extends beyond completing routine calculations: it demonstrates competency in reconciling bank statements, understanding the flow of adjustments, and accurately recording journal entries. These skills are essential for maintaining the integrity of financial statements, ensuring that discrepancies are addressed timely, and reflecting the true financial position of the entity.
In conclusion, this exercise consolidates foundational accounting skills related to cash and bank management, providing practical knowledge applicable in real-world scenarios. It also enables students to develop proficiency with Excel, a key tool in financial analysis and reporting, validating their ability to process and present financial data effectively.
References
- Williams, J., Haka, S., Bettner, M., & Carcello, J. (2021). Financial & Managerial Accounting. McGraw-Hill Education.
- Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2019). Financial Accounting: IFRS Edition. Wiley.
- Libby, R., Libby, P. A., & Short, D. G. (2020). Financial Accounting. McGraw-Hill Education.
- Warren, C. S., Reeve, J. M., & Fess, P. E. (2021). Financial & Managerial Accounting. Cengage Learning.
- Garrison, R. H., Noreen, E. W., & Brewer, P. C. (2022). Managerial Accounting. McGraw-Hill Education.
- Braxton, B. (2020). Practical Guide to Bank Reconciliation. Journal of Accountancy.
- CPA Canada. (2022). Bank Reconciliation Procedures and Best Practices. CPA Canada Handbook.
- AccountingTools. (2023). Bank Reconciliation Process. https://www.accountingtools.com
- Investopedia. (2023). Bank Reconciliation. https://www.investopedia.com
- U.S. Securities and Exchange Commission. (2020). Internal Controls and Reconciliation Processes. SEC Filings Guidance