The ending checkbook balance is 142.57. The outstanding checks include UNO Bookstore 121.38, blockbuster 6.12, parking sticker 18.50 and student fees 20.00 and the deposits in transit include 4/28 deposit of 75.00. The interest paid on the bank account was 1.15, and the service charges were 7.50.
= 142.57 + 121.38 + 6.12 + 18.50 + 20.00 + 1.15 – 75.00 – 7.50 = 227.22
The cashbook ending balances tally with the cash balances of the bank statement where 227.22 is the end balance.
The deposits and the outstanding cash deposit are listed as well as other all the credits in the check register which are not in the bank statement add all these are added to the end balance of the cash book. The checks, school fees, the ATM withdrawals as well as other debits that are on the cash register which is not listed on the bank statement are subtracted from the balance so as to get the new ending balance (Stott et al., 2010).
The end cashbook balance reconciles with the bank balance, and the following is the procedure I followed so as to achieve the end results. I marked off in the check register each item that also appears on the bank statement. Completing the cash register was an important task so as to get the result of the cash book and this was to be done by deducting the payments and adding the deposits. The result was to be added to the outstanding checks and the interests paid in the bank account and then deduct the service charges and the deposits in transit.
It is essential to record the time when writing a check, withdraw or deposit cash into the account so as to balance the account and ensure that the information that is registered in the cashbook and the register are correct so as to have accurate results when computing the balances I the account.
When to maintain the checking account there are a lot of the management tools that are used for managing the checking account like the online banking tends to give one access to his or her account balances and the spending records. The management tools are used in calculating balances, and other systems require the mathematical skills. The tools are essential so as to produce the detailed reports on where one is spending the cash, and it also helps in making any required adjustments so as to improve one’s spending habits. To ensure accurate account entries, one requires mathematical skills because when making account entries one has to have the concept of debit and credit entries. The debit entry involves those items that tend to increase cash account, and the credit entry includes those items that tend to reduce the account balances like withdrawal of money from the account (Zinman, 2009).
References
Stott, J. R., Truman, M., Lymer, A., & Azmat, N. (2010). Basic accounting. Teach Yourself.
Zinman, J. (2009). Debit or credit?. Journal of Banking & Finance, 33(2), 358-366.
