Jim Lee received his bank statement from Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800.
Jim noticed that checks outstanding were $1,330. The bank statement also revealed an NSF check for $120 and a service charge of $30. The reconciled balance is:
<span>Given: Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800. checks outstanding were $1,330. NSF check for $120 and a service charge of $30.
Bank balance: 7,980 less: outstanding checks <u> (1,330)</u> Bank balance, end 6,650
Jim's checkbook balance: 6,800 less: NSF check 120 service charge 30 <u> (150)</u> Jim's balance, end 6,650
The reconciled balance is: $6,650.
In reconciling the bank balance, we need to add the deposits in transit and deduct the outstanding checks. This are all transactions reflected in the book but not yet reflected in the bank account.
In reconciling the book balance, we need to add the credits made in the bank account and deduct the debits like service charges.</span>
There are 7 cards. The number of possible correct picks is 2 (if you pick an 'S') plus 1 (if you pick the 'U') = 3 ways to succeed. So the probability of success is 3/7 ... about 43% .
