On November 4, your bank statement shows a balance of $2,253.18. Your checkbook shows a balance of $2,324.34. If there are outstanding checks in the amounts of $105.50 and $158.10, deposits in transit amount to $605.27, account earnings of $68.51 and there is a service charge of $5.00. Determine the Adjusted Checkbook Balance and the Adjusted Statement Balance. Draw a conclusion.

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AbsorbingMan AbsorbingMan · Answer 1 · 2020-09-10T02:37:14+02:00

Answer:

adjusted check book balance : $ 2,387.85

adjusted statement balance : $2,594.85

Step-by-step explanation:

Given check book balance : $2,324.34

Add : Interest earned and other credits : $68.51

Subtotal : $2,392.85

Deduct service charges and other debits : $5.00

Therefore, adjusted check book balance : $ 2,387.85

Given statement balance : $2,253.18

Add : Deposit in transit : $605.27

Subtotal : $2,858.45

Deduct : outstanding checks : $105.50 + $158.10 = $263.60

Therefore, adjusted statement balance : $2,594.85