If the month-end bank statement shows a balance of $72,000, outstanding checks are $54,000, a deposit of $15,000 was in transit at month end, and a check for $3,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is

Question

Quizplus · Accepted Answer

Starting balance = $72,000
Outstanding checks = -$54,000
Add deposit in transit = +$15,000
Subtract erroneously charged check = -$3,000

Calculation: 
$72,000 - $54,000 + $15,000 - $3,000 = $30,000

Therefore, the correct balance in the bank account at month end is $36,000 (B).

If the Month-End Bank Statement Shows a Balance of $72,000