Question

Assume that the following information relates to your most recent bank statement dated September 30. Balance per bank statement at September 30 S 3,400 Checks written that had not cleared the bank as of September 30. #203 University tuition $1,500 #205 University bookstore #208 Rocco's Pizza #218 Stereo purchase #211 October apartment rent 35e 500 Interest amounting to $4 was credited to your account by the bank in September. The bank's service charge for the month was $5. In addition to your bank statement, you received a letter from your parents informing you that they had made a $2.400 electronic funds transfer directly into your account on October 2. After reading your parents' letter, you looked in your checkbook and discovered its balance was $600. Adding your parents' deposit brought that total to $3.001, Prepare a bank reconciliation to determine your correct checking account balance.

Answer 1

Bank Reconciliation statement Balance per bank statement at September 30 $ 3,400 (203) $ -1,500 -350 Deduct Outstanding Checks: University tuition University Bookstore Rocco's Pizza Stereo purchase October apartment rent -25 (205) (208) (210) (211) -425 -500 Deduct Interest credited by bank Add Bank's service charge ob Adjusted cash balance $ 601 Balance per your Checkbook (Inc $2400 deposit) Deduct Electronic funds transfer recived in Oct $ $ 3,001 2,400 Adjusted cash balance $ 601

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