Banking
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The December 31 checkbook balance of the Advance Co. was $5,691.99.
The ending bank statement balance was 4,890.18.
Checks in the amount of $691.50 were outstanding.
The statement failed to reflect a deposit in the amount of $1,433.84.
The monthly service charge was $37.65.
The bank paid interest on their average balance in the amount of 30.79.
It was discovered that the bookkeeper had failed to record a check in the amount of $52.61.
The reconciled balance was?
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Solution Summary
Provides steps necessary to determine the reconciled balance.
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Bank Statement:
The ending bank statement balance was 4,890.18.
Checks in the amount of $691.50 were outstanding. This means we should subtract $691.50 (the balance will go down by that much when the checks are cashed).
The statement ...
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