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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

Bob Albrecht received his bank statement on July 5 showing a balance of $2.663.31.

His checkbook had a balance of $1,931.83. The statement showed a service charge of $15.80 and an electronic payroll deposit of $200.00. The deposits in transit totaled $314.12. and the outstanding checks were for $182.00, $261.40. and $418.00. Use the form below to reconcile Bob’s account.

Chapter 4.II, Problem 2RE, Bob Albrecht received his bank statement on July 5 showing a balance of $2.663.31. His checkbook had

To determine

The reconciliation of Bob Albrecht’s account if on July 5, his bank statement and checkbook were showing balance of $2,663.31, and $1,931.83.

Explanation

Given Information:

The provided information is,

Outstanding checks were of amounts $182.00,$261.40,and$418.00,

Service charge of $15.80, deposits in transit amounted to $314.12, and electronic payment deposit of $200.00 have also been there.

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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