Reconcile the bank statement with the cash book balance shown previous to the entry in the cash book of any items from the bank statement, and determine the true cash balance.
Summarize all books of original entry. Posting of these summary entries and any other unposted items will be deferred to the next assignment.
Instructions
December 30. Refer to [pages 416-418 of the text] as to the proper record to be made of the sale of the old showroom fixtures. Credit the gain on this sale to the Sales General Expense.
December 31. The amount of check for $25 is included in the amount received from sundry customers.
In summarizing the general journal, first foot all the columns and underline the totals. On the following lines write the summary entry which will appear as follows:
| General | General | |||
| . . . . . . . | General Ledger | ✔ | ||
| . . . . . . . | Accounts Receivable | |||
| . . . . . . . | Accounts Payable | |||
| General Ledger | . . . . . . . | |||
| Accounts Receivable | . . . . . . . | |||
| Accounts Payable | . . . . . . . | |||
Since the items making up the “General Ledger” totals have already been posted, these totals will be checked and will not be posted.
In summarizing the sales journal, the cash sales need not be segregated from the credit sales in the summary entry, inasmuch as the inclusion of such receipts in the total to be posted to Accounts Receivable from the cash receipts journal will eliminate the inflation of the claims against customers shown by the controlling account.
The purchase journal will be summarized in the same way as the sales journal.