On May 27 , you received your bank statement showing a balance of $$ \$ 1,011.18 $$. Your checkbook shows a balance of $$ \$ 1,024.34 $$. Outstanding checks are $$ \$ 225.50 $$ and $$ \$ 388.10 $$. The account earned $$ \$ 88.51 $$. Deposits in transit amount to $$ \$ 705.27 $$, and there is a service charge of $$ \$ 10.00 $$. Calculate the reconciled balance.

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UpStudy AI · Accepted Answer

To calculate the reconciled balance, we need to consider the bank statement balance, outstanding checks, deposits in transit, service charges, and any interest earned. Let's break it down step by step.

### Known Conditions:
1. Bank statement balance: $$ B = 1011.18 $$
2. Checkbook balance: $$ C = 1024.34 $$
3. Outstanding checks: $$ O = 225.50 + 388.10 $$
4. Deposits in transit: $$ D = 705.27 $$
5. Service charge: $$ S = 10.00 $$
6. Interest earned: $$ I = 88.51 $$

### Step 1: Calculate the total outstanding checks
$$
O = 225.50 + 388.10 = 613.60
$$

### Step 2: Calculate the adjusted bank statement balance
The adjusted bank statement balance can be calculated as follows:
$$
\text{Adjusted Bank Balance} = B + D - O - S
$$

### Step 3: Substitute the values into the equation
$$
\text{Adjusted Bank Balance} = 1011.18 + 705.27 - 613.60 - 10.00
$$

### Step 4: Perform the calculations
Now, let's calculate the adjusted bank balance step by step:
1. Add deposits in transit to the bank statement balance:
   $$
   1011.18 + 705.27 = 1716.45
   $$
2. Subtract the total outstanding checks:
   $$
   1716.45 - 613.60 = 1102.85
   $$
3. Subtract the service charge:
   $$
   1102.85 - 10.00 = 1092.85
   $$

### Final Result
The reconciled balance is:
$$
\text{Reconciled Balance} = 1092.85
$$

Thus, the reconciled balance is $$ \$ 1,092.85 $$.
The reconciled balance is \$1,092.85.

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