Personal Finance Semester Exam
5 of 405 of 40 Items
Question
Use the account register to answer the question.
Pat and Jerry were reconciling their bank statement. The pertinent information from their account register is shown below:
Date Check No. Description Ck Deposit ($) Payment ($) Balance ($)
10/1/22 Balance Forward 1,749.34
10/1/22 1266 Mortgage X 959.74 789.60
10/3/22 ATM Cash X 200.00 589.60
10/5/22 ATM Restaurant X 37.98 551.62
10/10/22 Deposit X 750.00 1,301.62
10/21/22 1267 Car Payment (Blue Car) X 456.15 845.47
10/25/22 ACH Electric X 120.73 724.74
10/29/22 ACH Cell Phone 147.29 577.45
10/30/22 1268 Car Payment (SUV) 315.26 262.19
10/30/22 Deposit 553.46 815.65
When comparing their account register to the bank statement, Pat and Jerry noticed several discrepancies:
The cell phone bill of $147.29 was not in the bank statement.
The car payment (Check No. 1268 for $315.26) was not in the bank statement.
The deposit on 10/30 ($553.46) was not in the bank statement.
On 10/25, the bank statement showed a service charge of $12.00.
On 10/25, the bank statement showed a balance of $712.74.
Calculate the adjusted bank balance.
(1 point)
Responses
$803.65
$803.65
$250.19
$250.19
$1,266.20
$1,266.20
$815.65
Adjusted bank balance calculation:
Starting balance: $724.74
Subtract cell phone bill not in bank statement: $724.74 - $147.29 = $577.45
Subtract car payment not in bank statement: $577.45 - $315.26 = $262.19
Add deposit not in bank statement: $262.19 + $553.46 = $815.65
Subtract service charge on 10/25: $815.65 - $12.00 = $803.65
Therefore, the adjusted bank balance is $803.65.