Homework Answers
True balance in checking account can be calculated by preparing bank reconciliation :
Bank reconciliation
| Balance on bank statement | 495 | Balance in your checkbook | 367 |
| Deposit in transit | 66 | Interest earned on the account | 4 |
| Total of outstanding checks | -213 | Service charge and other fees | -23 |
| True balance | $348 | Trues balance | $348 |
True balance = $348
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