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January Reconciliation

Short Answer
 

 1. 

What is an outstanding deposit?
 

 2. 

What is an outstanding check?
 

 3. 

What is a checkbook register?
 

 4. 

What is an account statement (also called a bank statement)?
 

Multiple Choice
Identify the choice that best completes the statement or answers the question.
 

 5. 

Does a withdrawal increase the amount of money in your account or decrease the amount of money in your account?
a.
Increase the amount of money in your account
b.
Decrease the amount of money in your account
 

 6. 

Does a deposit increase the amount of money in your account or decrease the amount of money in your account?
a.
Increase the amount of money in your account
b.
Decrease the amount of money in your account
 

 7. 

Does a service charge increase the amount of money in your account or decrease the amount of money in your account?
a.
Increase the amount of money in your account
b.
Decrease the amount of money in your account
 

 8. 

Does interest increase the amount of money in your account or decrease the amount of money in your account?
a.
Increase the amount of money in your account
b.
Decrease the amount of money in your account
 

Account Statement
Complete each statement using your account statement.
 

 9. 

What is your account number for this simulation?
 

 

 10. 

What date was this account statement prepared on?
 

 

 11. 

How many total check marks do you have?
 

 

 12. 

How many check marks do you have for deposits?
 

 

 13. 

How many check marks do you have for withdrawals?
 

 

 14. 

According to your account statement, what was your balance on January 1?
 

 

 15. 

According to your account statement, what was the total amount of deposits for January?
 

 

 16. 

According to your account statement, what was the total amount of withdrawals for January?
 

 

 17. 

According to your bank, as of January 31, what is your balance?
 

 

 18. 

According to your records, as of January 31, what is your balance?
 

 

 19. 

Is the bank’s ending balance the same as your ending balance?
 

 

 20. 

The previous question is the reason you have to complete an account reconciliation. Do you or did you have to complete the account reconciliation?
 

 

Account Reconciliation
Use the information you filled out on the account reconciliation to complete the following questions.
 

 21. 

What is the ending balance on your account statement for this simulation at the end of January? (Item 1)
 

 22. 

How many outstanding deposits are listed?
 

 23. 

What is the earliest date for any outstanding deposits?
 

 24. 

What is the earliest date for any outstanding deposits? Type NONE if there aren’t any.
 

 25. 

What is the next date for any outstanding deposits? Type NONE if there aren’t any more.
 

 26. 

What is the next date for any outstanding deposits? Type NONE if there aren’t any more.
 

 27. 

What is the next date for any outstanding deposits? Type NONE if there aren’t any more.
 

 28. 

What is the total amount of the outstanding deposits? (Item 2)
 

 29. 

What is your total amount when you add your ending balance to your total outstanding deposits? (Item 3)
 

 30. 

How many outstanding checks, debits, xfers (transfers) are listed?
 

 31. 

What is the earliest date for any outstanding checks, debits, xfers (transfers)? Type NONE if there aren’t any.
 

 32. 

What is the next date for any outstanding checks, debits, xfers (transfers)? Type NONE if there aren’t any.
 

 33. 

What is the next date for any outstanding checks, debits, xfers (transfers)? Type NONE if there aren’t any.
 

 34. 

What is the next date for any outstanding checks, debits, xfers (transfers)? Type NONE if there aren’t any.
 

 35. 

What is the total amount of the outstanding checks, debits, xfers (transfers)? (Item 4)
 

 36. 

What is your total amount when you subtract Item 4 from Item 3? (Item 5)
 

Checkbook Register
Use your checkbook register to complete the following questions.
 

 37. 

How many total check marks do you have in your checkbook register for your January transactions?
 

 38. 

How many check marks do you have for deposits in your checkbook register for your January transactions?
 

 39. 

How many check marks do you have for withdrawals in your checkbook register for your January transactions?
 

 40. 

What is your ending balance in your checkbook register?
 

 41. 

Is your ending balance in your checkbook register the same as Item 5 on your account reconciliation? (If your answer is no, you have some correcting to do!)
 



 
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