Academy Catalog|CTE-CLOSE · Bookkeeping, General Ledger & Month-End Close Walkthrough
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CTE-CLOSE0/3 Modules VerifiedBridges into: CPA, CMA, CIA, CFE
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Bookkeeping, General Ledger & Month-End Close Walkthrough

Execute a complete Q1 month-end close: bank reconciliation, balanced Debit/Credit adjusting journal entries (AJEs), and adjusted trial balance tie-out.

Multi-Cell Tie-Out Workpaper~25 min · Close Binder #GL-101: Northstar Logistics March 31 Cash Reconciliation

Module 1: Operating Cash Bank Reconciliation & True Cash Tie-Out

Reconcile Northstar Logistics' March 31 operating bank statement against General Ledger Account #1010 so both Bank and Book balances tie to the penny.

Treasury & GL Extract · Unedited Primary Source PacketInspect figures carefully for Stage 2 Workpaper

Exhibit 1A: March 31 Bank Statement vs. GL Account #1010

Ending Bank Statement Balance (Mar 31)$184,500
Unadjusted GL Cash (#1010, Mar 31)$172,450
Deposits in Transit / Outstanding ChecksDeposits in Transit: $14,000 · Outstanding Checks: $25,000
Bank Credit Advice & Monthly FeeCustomer ACH collected by bank: $1,200 · Bank analysis fee: $150

Governing Statutory Authorities & Practitioner Rules

Bank-Side Timing Items vs. Book-Side Adjusting Entries

FASB ASC 305-10 (Cash and Cash Equivalents)

Deposits in transit (+) and outstanding checks (-) reconcile the Bank Statement to True Cash; unrecorded ACH collections (+) and bank fees (-) reconcile the Book GL to True Cash and require journal entries.

Fieldwork Tip: Never post an Adjusting Journal Entry for Outstanding Checks or Deposits in Transit—they are already recorded on the General Ledger.