Reference no: EM13823988
Matrix Corporation has just received its checking account statement for the month ended September 30. The bank statement of account showed the following:
Bank balance September 1 $1,150
Deposits during September 650
Checks cleared during September 900
Bank service charge 25
Interest earned 5
EFT received from Matrix customer 20
NSF check written by Matrix customer (15)
Bank balance, September 30 885
The bank had not yet reported the deposit of $50 made on September 29 and a Matrix check for $200 had not cleared its account. Matrix's September 30 Cash Balance was $759. The company's accountant discovered that one of Matrix's checks for $19 paid on account to a supplier had been recorded as $10.
Required:
1- What adjustments if any does she need to make in her check book?
2- Why is it important for individuals and businesses to do bank reconciliation each month?
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