Based on the following information, determine the true balance in your checking account.$$Balance in your checkbookBalance on bank statement376 Interest earned on the account6490 Total of outstanding checks15 Deposits in transit190Service charge and other fees67True balance

The differences in balances occurred due to errors made by the management. The transactions will be…

Answered: Balance on bank statement 490 Total of…

Business

Accounting

Balance on bank statement 490 Total of outstanding checks 15 Deposits in transit 190 Service charge and other fees 67

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Based on the following information, determine the true balance in your checking account.
$
$
Balance in your checkbook
Balance on bank statement
376 Interest earned on the account
6
490 Total of outstanding checks
15 Deposits in transit
190
Service charge and other fees
67
True balance

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