Question

Last month, when Jerry received his bank statement, he found that the balance in the statement did not match the balance in the register. Examine Jerry's check register and bank statement and evaluate his problem.

Trans typ./ Check no. Date Description of Transaction Payment/ Debit (-) Deposit/ Credit (+) Balance
900 00
241 9/4 Miller's Food Market 67.25 67 25
Groceries 832 75
242 9/18 Frank's Auto Parts 36.80 36 80
Oil and Filter 795 95
243 9/28 Mike's Barber Shop 15.00 15 00
Haircut 780 95
Deposit 9/30 Paycheck 650.45 650 45
1,431 40
Checking Account Statement

Account Number: 1234-1212
Checks date check no. amount
9/5 241 $67.25
9/20 242 $36.80
9/30 243 $15.00
Other Activity date transaction amount
9/30 Deposit $650.45
9/30 Fees $15.00
Balances Opening Balance $900.00
Closing Balance $1,416.40

Answer 1

Answer:B

Explanation:

Answer 2

He had bank fees that were not in his check register

Step-by-step explanation :

Balance on check register = Initial Balance - ( Expense on Food Market + Frank's auto parts + Barber shop ) + Deposit

= 900 - (67.25 + 36.80 + 15) + 650.45

= $1431.40

Balance on Account statement = Opening balance - ( checks amount on different dates ) + deposit - fees

= 900 - (67.25 + 36.80 + 15) + 650.45 - 15

= $1416.40

So, the balances in the bank statement and the checking register are not matching because fees paid on 9/30 of $15 is not calculated by Jerry in his check register

⇒ $1431.40 - $15.00 (Fees) = $1416.40

Therefore, now the balance on both the account and checking statements match.