Critical Thinking Case 2
Reconciling the Wells’ Checking Account
Vivian and Rowen Wells are college students who opened their first joint checking account at the American Bank on September 14, 2020. They’ve just received their first bank statement for the period ending October 5, 2020. The statement and checkbook ledger are shown in the table below.
From this information, prepare a bank reconciliation for the Wells family as of October 5, 2020,
Given your answer to Question 1, determine what, if any, adjustment will the Wells family need to make in their checkbook ledger. Enter the answers as positive value. Round the answer to the nearest cent.
If the Wells family earned interest on their idle balances because the account is a money market deposit account, what impact would this have on the reconciliation process?
The effect of the interest earnings would have been a(n) -Select-decreaseincreaseItem 19 in both bank and checkbook balances.
The input in the box below will not be graded, but may be reviewed and considered by your instructor.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more