Question

The bank statement for Lee Co. revealed a balance of $1,200 while the checkbook balance showed $1,600. Checks outstanding totaled $50. A check printing charge for $7.00 was on the bank statement. There was a $100 NSF shown on the bank statement. There was a $600 deposit in transit. What is the reconciled balance?

Answer 1

The Reconciled balance will be $1750

Step-by-step explanation:

We have given bank balance = $1200

Checks outstanding balance = $50

Diposit in transit = $600

We have to find the reconciled balance

Reconciled balance is given by

Reconciled balance = Bank balance + Deposits in transit - Outstanding checks

= $1200 +$600-$50 = $1750

So the Reconciled balance will be $1750