Question

2. On Novenber 4, your bank statement shows a balance of $2,253.18. Your checkbook shows a balance of $2,324.34. If there are outstanding checks in the amounts of $105.50 and $158.10, deposits in transit amount to $605.27, account earnings of $68.51 and there is a service charge of $5.00. Determine the Adjusted Checkbook Balance and the Adjusted Statement Balance. Draw a conclusion

Answer 1

Answer:

The final answer is "$2387.85 and $2594.85".

Answer:

adjusted check book balance : $ 2,387.85

adjusted statement balance : $2,594.85

Step-by-step explanation:

Given values:

The bank statement balance= $2,253.18

The checkbook balance = $2,324.34

outstanding check amounts= $105.50 and $158.10

transit amount= $605.27

account earnin(credits)= $68.51

service charge= $5.00

Adjusted Checkbook Balance =?

Adjusted Statement Balance=?

Step-by-step explanation:

Given check book balance : $2,324.34

Add : Interest earned and other credits : $68.51

Subtotal : $2,392.85

Deduct service charges and other debits : $5.00

Therefore, adjusted check book balance : $ 2,387.85

Given statement balance : $2,253.18

Add : Deposit in transit : $605.27

Subtotal : $2,858.45

Deduct : outstanding checks : $105.50 + $158.10 = $263.60

Therefore, adjusted statement balance : $2,594.85