bank reconcilliation

bank reconcilliation - BANK RECONCILIATIONS The Bank...

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1 BANK RECONCILIATIONS 2007-03-06 Bank Reconciliation Topic Slides 2 The Bank Reconciliation Process
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2 2007-03-06 Bank Reconciliation Topic Slides 3 Bank Reconciliations Bank Reconciliation Objectives: c Verify that the company and bank records are correct and in agreement. c Determine the proper cash balance that should appear on the company’s balance sheet. c Prepare adjusting entries to update company records. 2007-03-06 Bank Reconciliation Topic Slides 4 Bank Reconciliation Summary Balance per Bank’s Records: This section is only necessary to ensure that the adjusted balance "reconciles" with the bank statement.
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3 2007-03-06 Bank Reconciliation Topic Slides 5 Bank Rec Summary (cont.) c Opening balance taken from E/B on bank statement c Adjust the bank's balance for any items the bank did not know about: s Add all outstanding deposits (deposits in transit at time of statement). s Subtract all outstanding cheques (uncashed cheques).
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This note was uploaded on 11/09/2010 for the course BUSINESS 2257 taught by Professor Iandunn during the Fall '10 term at UWO.

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bank reconcilliation - BANK RECONCILIATIONS The Bank...

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