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Bank reconciliation process before totaling the cash journals

1. Record accurately all transactions for the month of June and the end of the accounting period in the correct Journals and Ledgers. You will need to complete the Inventory Subsidiary Ledger cards for the three items of inventory as you go so that you can calculate the Cost of Goods Sold for each lot of sales.

2. Complete adjusting entries at the end of the period.

3. Complete a bank reconciliation process before totaling the cash journals.

4. Post the journals to the general ledger at the end of the month (and post to the subsidiary ledger daily). The ledger accounts have been created for you but you will need to enter the opening balances in each account on 1st June. NOTE: the income and expense accounts will have an opening balance at this point as they are only closed off using closing entries at the end of the financial year. You should get these from the Trial Balance and Schedules.

5. Complete Schedules of Accounts Receivable, Accounts Payable and Inventory and reconcile these with the relevant control accounts.

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