Your checkbook balance shows $706.50. The bank statement shows $772.77. The bank paid $2.50 interest. Checks 1501 ($85.00), 1507 ($50.16), and 1511 ($20.50) are not shown on the statement. A service charge of $5.00 was levied by the bank. You made an $85.00 deposit yesterday that is not on th statement. What is the reconciled balance? (Show all work.)

Your checkbook balance shows $706.50. The bank statement shows $772.77. The bank paid $2.50 interest. Checks 1501 ($85.00), 1507 ($50.16), and 1511 ($20.50) are not shown on the statement. A service charge of $5.00 was levied by the bank. You made an $85.00 deposit yesterday that is not on th statement. What is the reconciled balance? (Show all work.)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 1.10C

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Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
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The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.