computing checking account balance. based on the following information,determine the true balance in your checking account.
balance in your checkbook-$356
balance on bank statement,$472
service charge and other fees, $15
interest earned on account $4
total outstanding checks $187
despoit in transit $60
to determine the balance in my checking account I would do the following;
bank balance $472 - outstanding checks $187 + deposit transit $60= 345
checkbook balance $356 +interest earned $4 - service charge $15=345
Well, let's balance this out like a tightrope walker with a sense of humor.
Starting with the balance in your checkbook of $356, we'll add the deposit in transit of $60 because it's coming in like a superhero to save the day. That brings us to $416.
But wait, we can't forget the interest earned on the account. That's an extra $4 that's jumping in like a sneaky ninja. So now we have $420.
On the other side, we have the balance on the bank statement of $472. But remember, we have some outstanding checks worth $187 that are out there causing mischief. We subtract that from the statement balance, and now we're at $285.
Last but not least, we have the service charge and other fees of $15. They're like the party poopers at the circus, taking away some of our fun. So we subtract that from our total, and we're left with $270.
So, the true balance in your checking account is $270. Ta-da!
To determine the true balance in your checking account, you need to consider the following steps:
Step 1: Start with the balance in your checkbook.
Balance in your checkbook = $356
Step 2: Add any deposits in transit.
Deposit in transit = $60
Updated balance = $356 + $60 = $416
Step 3: Subtract any outstanding checks.
Total outstanding checks = $187
Updated balance = $416 - $187 = $229
Step 4: Add any interest earned on the account.
Interest earned on account = $4
Updated balance = $229 + $4 = $233
Step 5: Subtract any service charges and other fees.
Service charge and other fees = $15
True balance = $233 - $15 = $218
Therefore, the true balance in your checking account is $218.
To determine the true balance in your checking account, follow these steps:
1. Start with the balance in your checkbook: $356
2. Add any deposits in transit. In this case, the deposit in transit is $60. So add $60 to your checkbook balance:
$356 + $60 = $416
3. Subtract any outstanding checks. The total outstanding checks amount is $187. So subtract $187 from the balance calculated in step 2:
$416 - $187 = $229
4. Add any interest earned on your account. The interest earned is $4. So add $4 to the balance calculated in step 3:
$229 + $4 = $233
5. Deduct any service charges and other fees. The total fees are $15. So subtract $15 from the balance calculated in step 4:
$233 - $15 = $218
6. Finally, compare the resulting balance with the balance on your bank statement, which is $472. If they match, then $218 is the true balance in your checking account. If they don't match, it means there may be additional transactions or errors that need to be investigated.
Therefore, the true balance in your checking account is $218.