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How do I reconcile my checking account in Life Scenarios 15 and 27?

In Life Scenarios #15 and #27, students will be asked to “Reconcile” their checking accounts using their bank statements.

As with real-life checking accounts, in these two scenarios your students are presented with an account statement from Corner Bank & Trust with the date of January 12th. However, this statement is not as up-to-date as the transactions on screen. The transactions on screen might be compared to a self-maintained checkbook register, or perhaps the more up-to date transaction listed on an online bank account.

In order to resolve these differences, you must compare the Corner Bank & Trust Account statement(in the Life Scenarios Booklet) to the up-to-date Transaction List (On Screen).

Bank Statement

In the Life Scenario Booklet: The Corner Bank & Trust statement date is January 12th, and up to this point, there have been 2 Credit Transactions and 5 Debit Transactions, with the last dating Jan 9th. The statement balance is $254.95.

On screen: Here, you are show an up-to-date list of all transactions. In this list, there are again two credit transactions (in green), but there are 7 debit transactions (in red). The last transaction occurred on Jan 10th.

In order to reconcile the account, you must discover which of the transactions on screen do not match the ones shown in your Life Scenarios Booklet.

So let’s compare these statements line by line.

Line One

In the Life Scenario Booklet: The first line on the bank statement lists a debit of $400, which was Check #101.

Line One Screen

On screen: There is also Check #101 listed for $400, with a note that this is for Rent. Since these two items match, go ahead and check the box next to this item.

Line two book

In the Life Scenario Booklet: Listed on line 2 is a Direct Deposit for $322.21.

Line two screen

On Screen: This item is also found on the second line, so go ahead and check it as well.

Continue to do this, until you have accounted for all of the transactions listed on the Corner Bank & Trust Statement found in your Life Scenarios Booklet.

Once you’ve selected each of the transactions listed on your bank statement, the “Reconciled” balance (on screen) will match the statement balance (in the booklet). In this case, the balance for both should be $254.95.

Click Save and you are done!

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