The ending balance on a bank statement almost never agrees with the balance in a company

The ending balance on a bank statement almost never agrees with the balance in a company

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The ending balance on a bank statement almost never agrees with the balance in a company's  corresponding general ledger account. After receiving the bank statement, therefore, the company  prepares a  bank reconciliation , which identifies each difference between the company's records  and the bank's records. The normal differences identified in a bank reconciliation will be discussed 
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Unformatted text preview: separately. These differences are referred to as reconciling items. A bank reconciliation begins by showing the bank statement's ending balance and the company's balance (book balance) in the cash account on the same date. Vector Management Group Bank Reconciliation April 30, 20X8 Bank statement balance $ 8,202 Book balance $ 6,370...
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This note was uploaded on 11/16/2011 for the course ACCT 2310 taught by Professor Staff during the Spring '09 term at Texas State.

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