Question

# Use the following check register for the month of April and the monthly account summary to...

Use the following check register for the month of April and the monthly account summary to answer the following question:

 Check Regester Check # Date Payee/Description Payment Deposit Balance \$750 93 4/02 Gas station/groceries and gas \$52 \$698 4/08 Cash (ATM) \$40 \$658 4/15 Paycheck \$275 \$933 94 4/18 P&T/groceries \$78 \$855 4/20 Cash (ATM) \$40 \$815 95 4/25 WalStores/video games \$33 \$782 4/28 Cash (ATM) \$25 \$757 4/30 Paycheck \$275 \$1032
 Monthly Account Summary Account Number Account Type Balance 1234567890 Student checking \$1105 Previous balance \$750 Statement date 4/1 - 4/30 2 deposits \$550 Days in statement period 25 2 checks \$85 Average balance \$775 3 debit card transactions \$105 Apy earned 0.00% Service charges \$5 20xx interest paid \$0.00 Interest paid \$0.00 Current balance \$1105
 Deposits and other credits 4/15 Deposit \$275 4/30 Deposit \$275
 Debits and Electronic Payments Date Cheque no. Amount 4/02 93 \$52 4/08 Electronic \$40 4/20 Electronic \$40 4/25 95 \$33 4/28 Electronic \$25

What is the reconciled balance in the checking account?

\$1032

\$1027

\$750

\$1105

Ans is B \$1027

Explanation:

On matching the check register, with monthly account summary, we found that two deposits of \$275 each making total \$550 is matching, two checks of \$85, having amount \$52, and \$33 is matching, 3 debit card transactions of \$105, having amount \$40, \$40, and \$25 is matching.

What is not matching is Check no 94, having amount \$78, is outstanding and not showing in monthly summary and \$5 service charges not included in checking account.

If we go by Bank account balance then reconciled balance should be \$1105 less \$78 outstanding check that comes to \$1027

If we go by Checking account balance then reconciled balance should be \$1032 less \$5 service charges that also comes to \$1027

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