Question

from the following the reconciled balance is: checkbook balance : 68,599.10 Bank Balance: 96,500.10 deposits in transit: 2,800.10 Outstanding Checks: 24,741.10 Note Collected: 6,000.00 Bank Service Charge:50.00

Answer 1

Answer: To find the reconciled balance, you need to adjust the checkbook balance for any items that have not yet cleared the bank and add or subtract any other items that have not been recorded in the checkbook.

Here are the steps to reconcile the checkbook balance:

1. Add any deposits in transit to the checkbook balance.

68,599.10 + 2,800.10 = 71,399.20

2. Subtract any outstanding checks from the adjusted checkbook balance.

71,399.20 - 24,741.10 = 46,658.10

3. Add or subtract any other items that have not been recorded in the checkbook.

46,658.10 + 6,000.00 - 50.00 = 52,608.10

Therefore, the reconciled balance is $52,608.10.

Explanation: