Using Excel for a Bank Reconciliation
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Lori Anders of Wilderness Associates is getting ready to prepare the October bank reconciliation.
The cash balance on the books of Wilderness Associates on October 31 is \(3,546.
Lori reviews the bank statement, and notes the checking account balance at October 31 is \)2,445. The bank statement also
reveals that the bank collected a note receivable on behalf of Wilderness Associates—the principal was \(1,500 and the interest
was \)15. One customer’s check for \(29 was returned by the bank for insufficient funds. Two additional items on the bank statement
were the monthly EFT for the utilities, \)250, and the bank service fee of \(12. Lori notes that the cash deposit made on
October 31 of \)3,300 does not appear on the statement, and that three checks totaling $975 had not cleared the bank account
when the bank statement was prepared.
Requirements
1. Prepare the bank reconciliation for Wilderness Associates at October 31, 2018. Format appropriate cells with dollar signs and double
underlines. Use Excel formulas to calculate subtotals and totals.
2. Journalize the entries based on the bank reconciliation. For dollar amounts, use cell references on bank reconciliation
