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 the account, $4
Total of outstanding checks, $187
Deposits in transit, $60
I was thinking it was $98, or just a trick question and its $356. Plz help. thank youWhat is the true balance of your checking account question?
Two ways to get to $345
1) Bank Statement - Outstanding Checks + Deposit in Transit = Total
$472 - $187 + $60 = $345
The bank has already taken the fees and interest into account.
2) Checkbook Balance - Fees + Interest Earned = Total
$356 - $15 + $4 = $345
Your check book already took the outstanding checks and deposit into account.
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