On December 15, you received your bank statement showing a balance of $2,275.34. Your checkbook shows a balance of $2,437.40. Outstanding checks are $225.50 and$356.10. The account earned $77.55. Deposits in transit amount to $805.21, and there is a service charge of $16.00. Calculate the reconciled balance.O $162.06O $2,051.73O $2,375.85O $2,498.95

Answered: On December 15, you received your bank…

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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Question

On December 15, you received your bank statement showing a balance of $2,275.34. Your checkbook shows a balance of $2,437.40. Outstanding checks are $225.50 and
$356.10. The account earned $77.55. Deposits in transit amount to $805.21, and there is a service charge of $16.00. Calculate the reconciled balance.
O $162.06
O $2,051.73
O $2,375.85
O $2,498.95

Expert Solution

Step 1 Introduction

The bank reconciliation statement is prepared to equate the balances of cash book and passbook with various adjustments. The adjustments for bank reconciliation statement include outstanding checks, book errors, bank errors, deposits in transit, NSF check, bank charges, etc.

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