Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started