Question

The beginning checkbook balance of Gregory Co. was $3,045.58. Their bank statement indicated a balance of $4,262.92. The bookkeeper of Gregory Co. discovered a $220.05 deposit not reflected on the statement and checks numbered 478 and 492 in the amounts of $325.50 and $497.65 still outstanding. The bank credited Gregory’s account for $651.84 for a note that they had collected. The bank charged their account $37.60 for printed checks. Their reconciled balance was (Remember: To reconcile the bank balance with the checkbook balance means to compare the two, make the necessary adjustments (debits and credits) and ensure that the two amounts are equal.)

$3,569.82. $3,659.28. $3,659.82. $6,359.82.

Answer 1

$3,659.82

Explanation:

Adding to the checkbook those debits and credits not already there brings its balance to ...

... $3045.58 +651.84 -37.60 = $3659.82

Adjusting the bank's balance by the deposits and checks not already there brings its balance to ...

... $4262.92 +220.05 -325.50 -497.65 = $3659.82

Thus, the reconciled accounts will agree on the balance $3659.82.