Complete the seven reconciliations

Assignment Help Accounting Basics

Reference no: EM133609008

Catch Up on Transactions

you will be catching up on Melanie's bookkeeping and will complet any outstanding recurring transactions and make bill payments and receive payments to prepare for the reconciliation of her bank account through the end of July 2026.

Use the recurring transaction for the loan payment transfer to post July's transfer.
Record cheque #10025 for the prepaid expenses for rent to We Work Space for the period of July to December 2026, dated July 1, 2026, in the amount of $3,300 plus HST.
Record a journal entry dated July 31, 2026, to allocate the July portion of the rent to the Rent or lease payments expense account and make it recurring for the next five months to December 31, 2026.

Hint: You can use the preexisting recurring transaction for rent you already had, that expired, then edit it for the new period.

Receive payment via e-transfer (add a new payment method) from H2H for six weeks of their weekly flowers; $1,220.40 goes directly into the TD Operating Accounting on June 23, 2026.
Post the weekly invoices for H2H for all of June and July 2026, starting date June 5, 2026; use your recurring transaction.

Hint: You can also use the Copy function in the More menu after posting the first transaction.

CHECK FIGURE Your figures from your Balance Sheet should match those shown here, as at July 31, 2026:

Account	Amount
TD Operating Account	$3,662.24
TD Savings	$1,000.00
Accounts Payable (A/P)	$982.60
TD VISA	$633.14

APPLY YOUR SKILLS 6-2 QG

Reconcile the Bank Account

, you will reconcile the TD Operating account for the months of January 2026 through July 2026. Melanie has given you the bank statements. Looking at them, you notice that Melanie has a $5/month bank charge that starts at the end of January.

Beginning with January 2026, get the TD statements from your Chapter 06 folder and prepare to reconcile the TD Operating account for each month individually, up to July 2026.
Enter the $5 bank charge in the service charge or interest area, dated the end of each month, before you start reconciling. Remember to do this for each month you are reconciling.
Complete the seven reconciliations. Keep in mind that even though a cheque has been written on one date, it isn't necessarily cashed in the same month.
Run the Bank Account History report for the month of July 2026; to do this, you must go to the Bank Register and click Export to Excel (the only option with the Export button found in the upper-left corner of the account register). Before exporting, make sure your Date column is showing 31/07/2026 at the top and not 01/01/2026. If it's showing January, click to re-sort the date column so transactions are shown in order from newest to oldest. Save the exported file as the proper file type in your Chapter 06 folder as: CH06 July Bank Recon
Run a Transaction List by Date report for all dates, grouping by transaction type; export to Excel, saving in your Chapter 06 folder as: CH06 Transactions to Date July

Reference no: EM133609008

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