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Reconciling the Hirts Checking Account Marvin and Mandy Hirt are college students who opened their first joint checking account at the American Bank on September 14 2010 They ve just received their

Reconciling the Hirts’ Checking Account Marvin and Mandy Hirt are college students who opened their first joint checking account at the American Bank on September 14, 2010. They’ve just received their first bank statement for the period ending October 5, 2010. The statement and checkbook ledger are shown in the table on the next page.

 

Critical Thinking Questions

1. From this information, prepare a bank reconciliation for the Hirts as of October 5, 2010, using a form like the one in Worksheet 4.1.

2. Given your answer to Question 1, what, if any, adjustments will the Hirts need to make in their checkbook ledger? Comment on the procedures used to reconcile their checking account and their findings.

3. If the Hirts earned interest on their idle balances because the account is a money market deposit account, what impact would this have on the reconciliation process? Explain.

May 17 2020 View more View Less

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