Question

The accounting department prepares a bank reconciliation at the end of each month. The following Tableau Dashboard is provided to assist in our reconciliation for the month of November. Prepare the company’s bank reconciliation using information from the Tableau Dashboard. Assume the following: The company has not yet recorded the bank fees. The company has not yet recorded cash interest received for November. Deposits in transit on November 30 were placed in the bank’s night depository after banking hours and were not recorded on the November 30 bank statement. Check Number 1203 and Check Number 1278 are outstanding checks as of November 30.

Answer 1

To prepare a bank reconciliation, compare the company's cash balance per the general ledger with the bank statement balance and make necessary adjustments for deposits in transit, outstanding checks, bank fees, and cash interest received.

Step-by-step explanation:

To prepare the bank reconciliation using the information from the Tableau Dashboard, follow these steps:

1. Start by comparing the company's cash balance per the general ledger with the bank statement balance.
2. Add any deposits in transit that were not recorded on the bank statement and subtract any outstanding checks.
3. Take into account any bank fees and cash interest received that have not yet been recorded.
4. Once all adjustments have been made, compare the adjusted bank balance to the company's cash balance per the general ledger. Any differences should be investigated and reconciled.