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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

On October 1, Jessica Clay received her bank statement showing a balance of $374.52. Her checkbook records indicate a balance of $338.97. There was a service charge for the month of $4.40 on the statement. The outstanding checks were for $47.10, $110.15, $19.80, and $64.10. The deposits in transit totaled $125.50. There was a $75.70 debit for automatic payment of her telephone bill. Use the following form to reconcile Jessica's checking account.

Chapter 4, Problem 6AT, 6. On October 1, Jessica Clay received her bank statement showing a balance of $374.52. Her

To determine

The reconciliation of Jessica Clay’s account if her bank statement and checkbook were showing balance of $374.52, and $338.97.

Explanation

Given Information:

The provided information is shown below:

Outstanding checks were of amounts $47.10,$110.15,$19.80,and$64.10,

Service charge of $4.40,

Deposits in transit amounted to $125.50,

Debit-telephone bill payment-$75.70

The provided form for reconciliation is shown below:

Steps for preparation of bank statement reconciliation:

Step I: To check the adjusted checkbook balance, go through the bank statement to locate any credits not recorded in the checkbook, add them to checkbook balance to get a subtotal and locate any debits not recorded in the checkbook, and subtract them from the subtotal.

Step II: To check the adjusted bank balance, go through bank statement and locate all deposits in transit, add them to the statement balance to get a subtotal and locate all outstanding checks, and subtract them from the subtotal

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