Question

Edward is reconciling his bank statement and personal account register. What are the steps that he should follow?

Answer 1

1. check off all the payments made in his personal account register and the bank statement

2. check for bank charges and adjust the personal account register accordingly

3. cross check all entries like deposits not credited and checks not presented for payment and adjust accordingly

4. flag any suspicious looking charges or entries

5. check for the final amount; it should be equal in the personal account register and the bank statement

Step-by-step explanation:

correct on plato

Answer 2

Here are the general steps that Edward should follow to reconcile his bank statement and personal account register:

Start by gathering all of the necessary documents, including the bank statement and personal account register.

Compare the transactions listed on the bank statement with those in the personal account register, making note of any discrepancies.

Check for any deposits or withdrawals that may not have cleared yet, as these will need to be accounted for separately.

Adjust the balance in the personal account register to reflect any outstanding checks or other transactions that have not yet been processed.

Make sure that any fees or charges listed on the bank statement are accurate and accounted for in the personal account register.

Reconcile the final balances between the bank statement and personal account register, making sure they match.If there are still discrepancies, double-check all of the transactions and make any necessary adjustments until the balances match.

Once everything matches, mark the account as reconciled and keep all of the documents together for future reference.