Business Administration 2257 Study Guide - Midterm Guide: Petty Cash, List Of The Shield Episodes, Bank Reconciliation

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Brian Langen

Document Summary

Close revenue to income summary (in revenues section) [c1] Subtotal income summary, and record taxes to income tax expense and payable[c3] Close income tax expenses to income summary [c4] Close income summary to retained earnings [c5] (skip 3 and 4 if there is a net loss) Establishing a petty cash account: dr petty cash (asset) cr cash. End of period adjustment: dr various expenses cr cash. Bank reconciliation: go to last month"s bank reconciliations. Ensure late deposits and outstanding cheques are listed on the bank statement. Check items off on the bank statement: go to cash disbursement list (cheques register) Circle errors and cheques that do not appear on the bank statement: go to cheque receipts list (bank deposits) Check off each deposit as it appears in bank statement. Circle any errors and any statements that does not appear: go to bank statement. Outstanding cheque"s from the previous period"s bank reconciliations.