Question

Based on the following information, determine the true balance in your checking account. Balance in your checkbook $386 Interest earned on the account $8 Balance on bank statement $511 Total of outstanding checks $208 Service charge and other fees $25 Deposits in transit $66

Answer 1

To determine the true balance in your checking account, add deposits and subtract outstanding checks, service charges, and other fees.

Step-by-step explanation:

To determine the true balance in your checking account based on the given information, you need to make adjustments for the various factors. Start with the balance in your checkbook, which is $386. Then, add the deposits in transit, which is $66.

Next, subtract the total of outstanding checks, which is $208. Finally, subtract the service charge and other fees, which is $25. Doing these calculations will give you the true balance in your checking account.

True balance = Balance in checkbook + Deposits in transit - Total of outstanding checks - Service charge and other fees

True balance = $386 + $66 - $208 - $25

True balance = $219

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