5-1 Work Together P.128 Answers -

Take the balance from the bank statement, add deposits that haven't cleared yet, and subtract any outstanding checks. Bank Statement Balance: Add Outstanding Deposit (Aug 30): Less Outstanding Checks: Check No. 306: Check No. 308: Total Outstanding Checks: Adjusted Bank Balance: 3. Record Journal Entries Only items that affect the Checkbook Balance

The exercise usually follows a small business owner—often for a service business like "Delgado Web Services"—as they manage their first batch of banking transactions for the month. The Endorsement 5-1 Work Together P.128 Answers

Fill out the first to ensure you don't forget to deduct the amount from your balance. Take the balance from the bank statement, add

Rent Expense ___ 800 Cash ________ 800 (Paid monthly rent, C102) 308: Total Outstanding Checks: Adjusted Bank Balance: 3

: Includes "For deposit only" above the signature; limits the use of the check to being deposited into a specific account. Step-by-Step Guide

: Fix any recording mistakes found during the reconciliation. Final Verification

| Transaction | Assets | = | Liabilities | + | Owner’s Equity | |-------------|--------|---|-------------|---|----------------| | 1. Invest cash | ↑ Cash | = | No effect | + | ↑ Capital | | 2. Buy equipment on account | ↑ Equipment | = | ↑ Accounts Payable | + | No effect | | 3. Pay rent | ↓ Cash | = | No effect | + | ↓ Capital (Expense) | | 4. Receive cash for services | ↑ Cash | = | No effect | + | ↑ Capital (Revenue) | | 5. Pay creditor on account | ↓ Cash & ↓ Accounts Payable | = | ↓ Liabilities | + | No effect |