Bank reconciliation

The companys accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern.

Murdstone Co.

Bank Reconciliation

January 31, 20Y5

1	Cash balance according to bank statement		$23,557.98
2	Deduct deposit of May 31, not recorded by bank		12,125.25
3			$11,432.73
4	Add outstanding checks:
5	No. 124	$62.00
6	No. 125	86.00
7	No. 129	1,250.00	1,398.00
8	Adjusted balance		$12,830.73
9
10	Cash balance according to Murdstone Co.		$51,567.88
11	Add check returned because of insufficient funds		23,475.40
12			$75,043.28
13	Deduct: Note and interest collected by bank	$15,250.75
14	Bank service charge	400.00
15	Error in recording Check No. 123	9,000.00	24,650.75
16	Adjusted balance		$50,392.53

You assist the intern to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern.

Item	Correct in Interns Reconciliation?	If No, Corrected Amount
Cash balance according to bank statement	Yes
Deposit of January 31, not recorded by bank	Yes
Outstanding check No. 124	Yes
Outstanding check No. 125	No	$68.00
Outstanding check No. 129	Yes
Cash balance according to Murdstone Co.	Yes
Amount of check returned because of insufficient funds	Yes
Amount of note and interest collected by bank	Yes
Bank service charge	No	$40.00
Company error in recording Check No. 123 as $12,435.00 rather than the correct amount of $21,435.00	Yes

After asking the intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant, you work together to compute the corrected Adjusted Balance. Enter your answer with two decimal places.

Q) What is the Corrected Adjusted Balance amount?