eSUA #3 Month-End Procedures (80 Points)
Instructions:
- Post journal entries in the five special journals to General Ledger (Jim Adams). Do it in two steps.
- Bank Reconciliation (Ray Kramer)
- Post all monthly totals of all columns of the special journals to GL in workbook, except for the column of Other G/L. Place a posting reference check mark below the monthly totals.
For example, from Sales Journal, post $54,404 as a Debit to AR G/L 10200. Do this for all montly totals for the 5 special journals: Sales Journal, CR, Purchase Journal, CD, and Payroal journal.
- Post individual transactions in Other G/L columns to the appropriate general ledger account and updates each general ledger account. Place a posting reference check mark by each of the individual transactions.
NO Other G/L column in Sales journal and Payroll Journal.
- Check if you have posted monthly total of Cash G/L column in CR, CD to G/L cash account, and click posted. Also check if you have posted the total of Net Pay column on Payroll journal to G/L cash account, and click posted. RK initials the cash account column totals in the journals and general ledger lines where the totals are posted.
- Compares each entry in the cash receipts prelist (Doc. No. 9) to the cash receipts journal for name, date, and amount, and puts his initials by each entry in the prelist.
- Use the template below to prepare bank reconciliation statement (Follow the steps below). Fill in bank reconciliation on eSUA.
Step1: Put in the balance from the bank statement (Doc #24) and the balance from the cash account on G/L (Already done)
Step2: (Note the $7931.96 deposited on 12/14 is the sum of 825+7106.96 dated Dec.14 on CRP).
- Compare the deduct section of outstanding checks in bank reconciliation doc in November Doc.#23 with the Checks/ACH Payments section in Doc#25. Notice one check has not been cashed.
#1118 ($1985.21, already filled in)
#1142 ($4800, already filled in)
? which the other 4 checks are not cashed?
Step 4: Record bank service charge (Already done in below table).
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