Problema Solution
The checkbook of Reese Co. showed a balance of $15,182.15. The bank statement showed a balance of $9,815.55. Checks outstanding totaled $1,474.80. Deposits in transit totaled $6,588.10. The bank statement showed a NSF notice for $352.80 along with interest earnings of $99.50. What is the reconciled balance?
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Answer provided by our tutors
we assume the checks outstanding and the deposits in transit showed up in the check registry, so they must be added and subtracted from the bank statement balance
we assume that the interest earnings and the NSF notice was only accounted for on the bank's statement, so they must be added and subtracted from the checkbook balance
the checkbook balance: 15182.15 - 352.80 + 99.50 = 14928.85
the bank statement balance: 9815.55 - 1474.80 + 6588.10 = 14928.85
after reconciling both balances, they agree on a balance of $14,928.85