Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 25 (1 point) December 3, you received your bank statement showing a balance of $5,055.06. Your checkbook shows a balance of $5,221.98. Outstanding

image text in transcribed

Question 25 (1 point) December 3, you received your bank statement showing a balance of $5,055.06. Your checkbook shows a balance of $5,221.98. Outstanding checks are $934.22, $1,579.99, and $1,112.45. The account earned interest of $146.05. Deposits in transit amount to $3,931.63, and there is a service charge of $8.00. Calculate the reconciled balance. Use the following format on a separate sheet of paper to calculate the adjusted checkbook balance and adjusted statement balance. Respond with the adjusted amount only. There is no need to provide the reconciliation on the assignment or space provided. CHECKBOOK BALANCE Add: STATEMENT BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Services Charges & Other Debits ADJUSTED CHECKBOOK BALANCE Deposits in Transit SUBTOTAL Deduct Outstanding Checks ADJUSTED STATEMENT BALANCE

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th edition

1118096894, 978-1-11921511, 978-1118096895

More Books

Students also viewed these Accounting questions