Differences between mark''s records and the bank''s

Differences between mark''s records and the bank''s statement

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Reference no: EM131229133

4-1 Mark's First Checking Account During his first year in college, Mark Sutherland opened a...

4-1 Mark's First Checking Account

During his first year in college, Mark Sutherland opened a checking account at the First National Bank of Arlington, Texas. His account does not have a minimum balance requirement, but he does pay a monthly service charge of $3.00. Mark has just received his first monthly bank statement and notices that the end-of-month balance on the statement is quite different from the end-of-month balance he shows in his check register. The bank statement and Mark's check register are summarized below.

Bank Statement of Activity This Month

ACCOUNT:Mark J. Sutherland ACCOUNT # 43967			PERIOD: January 3, 2011 through January 31, 2011
Beginning Balance 300.00		TotalDeposits and Other Credits to Your Account 300.00	TotalChecks and Other Charges to Your Account 206.25	Ending Balance 93.75
Date	Transaction
03	Deposit	300.00
05	100		16.50
07	101		20.00
09	Debit card transaction		17.45
12	103		42.96
14	104		16.87
17	105		5.00
17	106		11.43
17	ATM withdrawal		25.00
19	107		25.00
24	108		14.04
28	109		9.00
31	Service charge		3.00

Mark's Check Register

Date	No.	Payee	For	Amount	Balance
1/3		Deposit		300.00	300.00
1/3	100	Harmon Foods	Food	16.50	283.50
1/4	101	Cash		20.00	263.50
1/5	102	VOID
1/7	103	Mel's Sporting Goods	Gym shoes	42.96	220.54
1/10	104	Valley Cleaners	Dry cleaning	18.67	201.87
1/13	105	Sharon Mackey	Birthday present	5.00	196.87
1/14	106	University Bookstore	Supplies	11.43	190.44
1/14	107	Cash		25.00	175.44
1/19	108	Harmon Foods	Food	14.04	161.40
1/24	109	Mom	Repay loan	9.00	152.40
1/25	110	Poindexter's Café	Sharon's birthday party	20.00	132.40
1/26		Deposit		50.00	182.40
1/28	111	Exxon	Monthly statement	12.96	169.44

1. What are the steps Mark needs to include when reconciling his account register with the bank's statement?

2. Reconcile Mark's register with the bank statement using the steps listed in the previous answer.

3. Why are there differences between Mark's records and the bank's statement? What could Mark do during the next month to make the month-end reconciliation easier?

4. Suppose Mark finds a $100 deposit in his bank statement that he knows he did not make. What should he do?

Reference no: EM131229133

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