On May 31, 20xx, Kane Company's bank statement showed a $9,900.50 bank balance. The bank statement also showed that it collected a $1,200 note for Kane Company. A $1,315.80 deposit made on May 31 was in transit. Check number 314 for $48.50 and check number 485 for $465.12 were outstanding. Kane's bank charges $.15 per processed check. This month Kane wrote 68 checks. Kane has a $9,512.88 checkbook balance. Prepare a reconciled balance. What will be an ideal response?

Question

Alexzander Irwin

Business

7 February, 11:06

On May 31, 20xx, Kane Company's bank statement showed a $9,900.50 bank balance. The bank statement also showed that it collected a $1,200 note for Kane Company. A $1,315.80 deposit made on May 31 was in transit. Check number 314 for $48.50 and check number 485 for $465.12 were outstanding. Kane's bank charges $.15 per processed check. This month Kane wrote 68 checks. Kane has a $9,512.88 checkbook balance. Prepare a reconciled balance. What will be an ideal response?

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Jaidyn Pollard · Answer 1

we start with the bank balance: $9,900.50

we must add: deposits in transit $1,315.80

we must subtract: check N° 314 for $48.50 and check N° 485 for $465.12

= $9,900.50 + $,315.80 - $48.50 - $465.12 = $10,702.68

now we start with the checkbook balance: $9,512.88

we add: the note collected for $1,200

we must subtract: processing fees = $0.15 x 68 checks = $10.20

= $9,512.88 + $1,200 - $10.20 = $10,702.68

bank balance = checkbook balance

$10,702.68 = $10,702.68