Bank Statement Reconciliation Worksheet
A Grade 7 math worksheet focusing on the essential financial literacy skill of reconciling bank statements, including understanding transactions and balancing accounts.
Includes
Standards
Topics
Bank Statement Reconciliation
Name:
Date:
Score:
Read each question carefully and provide your answer. This worksheet will help you understand how to reconcile a bank statement with your personal records.
1. What is the purpose of reconciling a bank statement?
2. Define 'outstanding deposit' and 'outstanding check' in the context of bank reconciliation.
3. A bank statement shows transactions that have already your bank account.
4. When your bank balance is higher than your checkbook balance, it might be due to that haven't cleared yet.
5. A common reason for a discrepancy is a missing or an incorrect entry in your records.
6. Which of the following items would you ADD to your checkbook balance during reconciliation?
Service charge
Outstanding check
Interest earned
ATM withdrawal
7. If your bank statement shows a balance of $500 and you have an outstanding deposit of $100, what is your adjusted bank balance?
$400
$500
$600
$700
Use the following information to reconcile the bank statement with the checkbook register.
Bank Statement Balance: $750.00
Checkbook Register Balance: $700.00
Outstanding Deposits: $150.00
Outstanding Checks: #101 for $50.00, #102 for $100.00
Bank Service Charge (not in checkbook): $5.00
Interest Earned (not in checkbook): $10.00
8. Calculate the Adjusted Bank Balance:
9. Calculate the Adjusted Checkbook Balance:
10. Do the adjusted balances match? Explain any discrepancies.