The bank statement for Mat Co revealed a balance of 900 whil

The bank statement for Mat Co. revealed a balance of $900 while the checkbook balance showed $1,420. Checks outstanding totaled $35. A check printing charge for $5 was on the bank statement. There was a $50 NSF shown on the bank statement. There was a $500 deposit in transit. What is the reconciled balance?

Solution

You can calculate the reconsiled balance as below

Reconciled balance = Bank balance + Deposits in transit - Outstanding checks

= $900 + $500 - $35
= $1365