The Scenario
A retail startup has linked its bank account to cloud accounting software. However, the automated bank feed has left 15 complex transactions unreconciled (including merchant fee deductions, cash withdrawals, customer overpayments, and prepayments).
The Brief
Resolve the unreconciled transactions. Perform the bank reconciliation, create adjusting journal entries (for accrued expenses, prepayments, and depreciation), and draft the month-end bank reconciliation statement.
Deliverables
- Completed bank reconciliation ledger showing matching balance per bank vs balance per books.
- General journal entries for the adjusting transactions (depreciation, prepayments, accruals).
- Explanation of how to handle unallocated customer deposits and bank charges in cloud software (Xero or QuickBooks).
Submission Guidance
Provide your reconciliations and adjusting journals in Markdown tables. Include clear, step-by-step descriptions of the reconciliation steps.
Submit Your Work
Your submission is graded against the rubric on the right. If you pass, you get a public Badge URL you can share on LinkedIn. There is no draft save, so work offline first and paste your finished response here.