SUA #2 Month-End Procedures_Alt1
Instructions:
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Foot and cross-foot the monthly totals in the five special journals. It’s automatically done in your workbook. Nothing to be submitted.
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Post journal entries in the five special journals to GL
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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.
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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 (done in workbook). Fill in the following tables as you complete this step. Add more rows in the table if needed. Submit the filled table below (30 points). 15 rows need to fill in.
Journal Name |
Need to Post? |
G/L Acct # to be posted |
Description |
Dr. or Cr.? |
AMT |
SJ |
No |
||||
CR |
Yes |
31200 |
Misc. Rev. |
Cr. |
$825 |
CR |
Yes |
21100 |
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Bank Reconciliation
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In your workbook, 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. Submit a screenshot of your G/L Cash account. Your screenshot should not include the $25 bank service fee. (10 points)
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Compare each entry in the Cash Receipts Prelist (Doc#9) to the CR Journal and check. Submit a copy of your Cash Receipts Prelist ( Doc#9, 10 points).
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Use the template below (also in your workbook) to prepare bank reconciliation statement (Follow the steps below). Fill in the yellow parts in below “Bank Reconciliation”. (Use the workbook and fill in here). Submit the filled Bank Reconciliation Table. (20 points)
Step1: Put in the balance from the bank statement (Doc #24) and the balance from the cash account on G/L (Already done)
Step2: Add deposits in transit. To do this, need to check the Doc#25. Compare the “Deposits” with the items listed on Cash Receipts Prelist (CRP, Doc #9). Notice that the checks of 12/16 ($1622.88 )and 12/19 ($90,000) have been deposited to the bank account, but the two checks received and listed on 12/27 in the CRP have not been shown in Doc #25. So these two checks are deposits in transit that you need to put the amount of each check under “Add Deposits in transit” section under “Bank Statement”
DETAILED ASSIGNMENT
