Answered: The checkbook balance is $8,850. The…

The checkbook balance is $8,850. The total fees or charges deducted by the bank is $8.15.The interest credit is $5.12. Determine the adjusted checkbook balance. a. $5000 b. $8,863.27 c. $8846.97

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 4.9C

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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

The checkbook balance is $8,850. The total fees or charges deducted by the bank is $8.15.The interest credit is $5.12. Determine the adjusted checkbook balance.

a. $5000

b. $8,863.27

c. $8846.97

d. $8853.03

Expert Solution

Step 1

Checkbook statements also contains interest income & service charges of banks along with other routine transactions.

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