Question

From the following information, reconcile the checkbook balance to the bank statement balance. Checkbook Balance $43,676.09 Bank Balance 49,668.90 Outstanding Deposits 8,474.44 Outstanding Checks 12,322.25 Note Collected 2,160.00 Bank Service Charge 15.00

Answer 1

Answer:

To reconcile we need to match the checkbook balance with that of the bank balance :

Checkbook balance :

Initial checkbook balance = $43676.09

Note collected = $2160.00 , Bank Service Charge = $15

Final Checkbook Balance = Initial balance + Note collected - Service charge

                                            = 43676.09 + 2160 - 15

                                            = $45821.09

Bank balance :

Initial Bank balance = $49668.90

Outstanding deposits = $8474.44 , Outstanding checks = $12322.25

Final Bank Balance = Initial balance - Outstanding checks + Outstanding deposits

                                 = 49668.90 - 12322.25 + 8474.44

                                = $45821.09

So, both the checkbook balance and the bank balance are equal.