Question

Damon Company receives its monthly bank statement, which reports a balance of $1,725. After comparing this to the company’s cash records, Damon’s accountants determine that deposits outstanding total $3,100 and checks outstanding total $3,350. Required:________

Answer 1

Reconciled bank balance = $1475

Step-by-step explanation:

given data

Bank balance = $1,725

deposits outstanding total = $3,100

checks outstanding total = $3,350

solution

we get here Reconciled bank balance that is express as

Reconciled bank balance = Bank balance + total deposits outstanding - total checks outstanding .....................1

put here value and we get

Reconciled bank balance = $1,725 + $3,100 - $3,350

Reconciled bank balance = $1475