A bank reconciliation is an important Internal Control over the Cash account. By comparing the records in our accounting system to the statements received from the bank, we can ensure that our records are complete and error-free.

Bank Reconciliation:Bank Column

6. Internal Controls and Reporting Cash

Bank Reconciliation

A company has a current balance in its Cash account of $3,400. The bank statement arrived showing a bank balance of $5,900. Prepare the cash reconciliation noting the following events:• Deposits in transit total $600• EFT receipt of dividend revenue of $900• Bank error:the bank deducted $100 for a check written by another company.• Service charge $20• NSF check from a customer $50• Book error:Company Check no. 333 was recorded for $510. The actual amount paid on account was $150.• Outstanding checks total $2,010

Bank Reconciliation:Book Column

Learn the toughest concepts covered in your Financial Accounting class with step-by-step video tutorials and practice problems.

Brian

Financial Accounting

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Brian Krogol

1. Introduction to Accounting

2. Transaction Analysis

3. Accrual Accounting Concepts

4. Merchandising Operations

5. Inventory

7. Receivables and Investments

8. Long Lived Assets

9. Current Liabilities

10. Time Value of Money

11. Long Term Liabilities

12. Stockholders' Equity

13. Statement of Cash Flows

14. Financial Statement Analysis

15. GAAP vs IFRS

[BOOK ACG1] Clutch

Petty Cash

Five Components of Internal Controls

Sarbanes-Oxley Act

Limitations of Internal Controls

Journal Entries for Bank Reconciliation

Principles of Control Activities

Fraud and the Fraud Triangle