Book Opener

Balancing Your CheckbookYou should balance, or reconcile, your bank statement as soon aspossible after receiving it. Carefully compare the check register balancewith the bank statement balance to make sure that they agree (see Figure24.1). Don’t forget to take into consideration outstanding checks , orchecks you have written that have not yet been returned to the bank forFigure 24.1Bank Account Reconciliation Using a FormAmerican National BankWESTOVER, OREGONKenneth Buckley7828 Carl DriveWestover, OR 98123FDICAccount Number: 303079Statement Date: 7/15/--Balance Deposits & Other Credits Checks & Other Debits BalanceLast Statement No. Amount No. Amount This Statement00.00 2 700.00 5 482.00 218.00Description Checks & Deposits &Other Debits Other CreditsDate BalanceBalance Forward 00.00Deposit 500.00 7/01 500.00Check 101 273.00 7/04 227.00Check 102 27.00 7/07 200.00Check 103 50.00 7/08 150.00Deposit 200.00 7/10 350.00Check 104 100.00 7/14 250.00Check 105 32.00 7/14 218.00PLEASE EXAMINE YOUR STATEMENT AT ONCE. IF NO ERROR IS REPORTED IN 10 DAYS,THE ACCOUNT WILL BE CONSIDERED CORRECT AND VOUCHERS GENUINE. ALL ITEMSARE CREDITED SUBJECT TO FINAL PAYMENT.BANK RECONCILIATIONThe adjusted bank balanceshould agree with yourcheckbook register. Whyshould you reconcile yourchecking account witheach new statement?BANK RECONCILIATION FORMPLEASE EXAMINE YOUR STATEMENT AT ONCE.ANY DISCREPANCY SHOULD BE REPORTED TOTHE BANK IMMEDIATELY.1. Record any transaction appearing on this statementbut not listed in your checkbook.2. List any checks still outstanding in the space providedto the right.3. Enter the balance shown on thisstatement here.218 004. Enter deposits recorded in yourcheckbook but not shown on this___ __statement here.5. Total lines 1 and 2 and enter here.with your checkbook balance.6. Enter total checks outstanding here.7. Subtract line 4 from line 3. Thisadjusted bank balance should agree21869149000000CHECKS OUTSTANDINGNumber Amount106 25 00107 14 00108 30 00TOTAL 69 00Chapter 24: Writing Checks 523