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The checkbook of Vance Company had a balance of $2,210.55. The bank statement showed a balance of $4,918.18. The bank collected a $2,000 note minus a $5 service charge. There was a depost transit of $610.88. Several checks outstanding totaled $1,196.17. Vance collected $42.33 in interest on the checking account. Vance recorded a $300 check for $400. The bank service charge is $14.99. What is the adjusted reconciled balance?
Expert Answer
Solution
Reconciliation:
| Balance per bank | $4918.18 |
| Add deposit in transit | $610.88 |
| Less outstanding checks | (1196.17) |
| Adjusted bank balance | $4,332.89 |
| Balance per book | $2,210.55 |
| Add note collected by bank(2000-5) | $1,995 |
| Add error in recording check | $100 |
| Add interest collected on checking account | $42.33 |
| Less bank service charges | (14.99) |
| Adjusted book balance | $4,332.89 |
