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Objective: analyze the checking account transactions made in our banking simulation January 1- 31st.

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Presentation on theme: "Objective: analyze the checking account transactions made in our banking simulation January 1- 31st."— Presentation transcript:

1 Objective: analyze the checking account transactions made in our banking simulation January 1- 31st

2 Check Register January DateNo.Checkbook EntryDebit (-)Credit (+)Balance 1/3DDeposit paycheck + $50 Cash /8101National Electric Company /9102Readers Service, INC /15103Ticket Forum /15104Verizon /19105Hilltop Garage /22106Seasons Unlimited /28107KMT Insurance /31DDeposit paycheck – $60 cash /31108Colonial Apartments-rent /31

3 Reconciliation Definition: to have two items agree Review handout on reconciliation basics Definition: adjusted balance- New balance for checkbook and bank statement after the reconciliation process has been completed.

4 What do we do with the following exercise? Student with cards move to the front of the room.

5 Reconciliation Example Reconcile the following bank statement and checkbook register. You must have your adjusted balance completed to receive full credit. Note: the numbers on both sides must equal. Bank Statement Ending Balance: $5,000 Check Register Ending Balance: $5,800 Reconcile the differencesuse tick marks!

6 Continued The following items were not found in both the checkbook register and the bank statement. Service Fees $4.00 Interest Earned $ Check Fees $8.00 Outstanding Deposits $ Outstanding Checks $ Checkbook error (forgot to record in register a check for $35.00)

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8 Final Assessment Test Chapter Four– Wednesday, Key terms from notes and handouts, reconciliation, and checking account simulation

9 Closure What happens when the adjusted balances dont agree? What should you do first? How often does the bank make mistakes?

10 Reconciliation Bank Statement -- $5, (OD) (OC) = (adjusted balance) Checkbook Balance- - $5, (SF) (I) (CF) (E) = (adjusted balance)

11 Practice Problem 2 Bank $6000 Adjusted Balance= 6765 Checkbook $6,800 Adjusted Balance = 6765


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