financial algebra © 2011 cengage learning. all rights reserved. slide 1 3-2 reconcile a bank...
TRANSCRIPT
![Page 1: Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide 1 3-2 RECONCILE A BANK STATEMENT Reconcile a checking account with a bank statement](https://reader035.vdocuments.net/reader035/viewer/2022062804/5697bf891a28abf838c89ffc/html5/thumbnails/1.jpg)
Financial Algebra© 2011 Cengage Learning. All Rights Reserved. Slide 11
3-2RECONCILE A BANK STATEMENT
Reconcile a checking account with a bank statement by hand and by using a spreadsheet.
OBJECTIVES
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Financial Algebra© 2011 Cengage Learning. All Rights Reserved. Slide 22
account number bank statement statement period starting balance ending balance
outstanding deposits outstanding checks balancing reconciling
Key Terms
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Financial Algebra© 2011 Cengage Learning. All Rights Reserved. Slide 33
The next slide has a bank statement and check register for Michael Biak’s checking account. What steps are needed to reconcile Michael’s bank statement?
Example 1Example 1
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Financial Algebra© 2011 Cengage Learning. All Rights Reserved. Slide 44
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Financial Algebra© 2011 Cengage Learning. All Rights Reserved. Slide 55
Name some reasons why a check may not have cleared during the monthly cycle and appear on the bank statement.
CHECK YOUR UNDERSTANDING
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Financial Algebra© 2011 Cengage Learning. All Rights Reserved. Slide 66
Example 2Example 2
Use algebraic formulas and statements to model the check register balancing process.
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Financial Algebra© 2011 Cengage Learning. All Rights Reserved. Slide 77
Nancy has a balance of $1,078 in her check register. The balance on her bank account statement is $885.84. Not reported on her bank statement are deposits of $575 and $250 and two checks for $195 and $437.84. Is her check register balanced? Explain.
CHECK YOUR UNDERSTANDING