The bank statement balance for Alan's Auto Repair showed $983.45. The Checkbook Balance showed $1,061.94. Outstanding checks were $45.25, $36.99, and $163.77. Deposits in-transit were $102.50 and $210.00. There was a bank service charge of $8.00 and an ATM fee of $4.00.

The reconciled bank balance is $1,049.94.

Question

The bank statement balance for Alan's Auto Repair showed $983.45. The Checkbook Balance showed $1,061.94. Outstanding checks were $45.25, $36.99, and $163.77. Deposits in-transit were $102.50 and $210.00. There was a bank service charge of $8.00 and an ATM fee of $4.00. ​
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The reconciled bank balance is $1,049.94.

Quizplus · Accepted Answer

The reconciled bank balance is calculated by adding the outstanding checks to the bank statement balance and subtracting the deposits in transit and any bank fees. In this case, the reconciled bank balance is $983.45 + $45.25 + $36.99 + $163.77 - $102.50 - $210.00 - $8.00 - $4.00 = $1,049.94.

The Bank Statement Balance for Alan's Auto Repair Showed $983