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Requirement 3. It is a common business practice to reconcile the bank accounts on a...

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Accounting

Requirement 3. It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from ABC Beach National Bank to the Cash account in the general ledger. Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference.

Start by reconciling the bank account by comparing the following annual summary statement from ABC Beach imageimageimageNational Bank to the Cash account in the general ledger. For any outstanding checks, use the appropriate transaction letter/descriptions in lieu of check numbers to identify each outstanding payment.

Beginning Balance, January 1, 2018 Deposits and other credits: S 560,000 73,500 240,000 300,000 730,000 Interest Revenue ,300 1,904,800 Checks and other debits EFT to Bank Checks Checks 110 54,000 250,000 65,000 82,500 270 2,200 1,300 320,000 490.000 162.000 Bank service charge Ending balance December 31 2018 2 000 (1.429 380) s 475.420

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