24-25 Bank Reconciliation Quiz

• Bank Statement Balance: $2,500

• Checkbook Balance: $2,450

• Outstanding Checks: $200

• Deposit in Transit: $100

• Bank Fees: $25

• Assuming the Bank Statement Balance is accurate, what is the adjusted bank balance?

• $2,425

• $2,400

• $3,050

• $2,450

• Bank Statement Balance: $2,500

• Checkbook Balance: $2,450

• Outstanding Checks: $200

• Deposit in Transit: $100

• Bank Fees: $25

• Assuming the Bank Statement Balance is accurate, what is the adjusted checkbook balance?

• $2,425

• $2,400

• $3,050

• $2,450

• Bank Statement Balance: $2,500

• Checkbook Balance: $2,450

• Outstanding Checks: $200

• Deposit in Transit: $100

• Bank Fees: $25

• Does the checkbook and bank statment reconcile?

• Yes

• No, the checkbook is low by $25

• No, the checkbook is high by $25

• Not enough information to determine

• Bank Statement Balance: $1,700

• Checkbook Balance: $1,680

• Outstanding Checks: $100

• Deposit in Transit: $50

• Service Charge: $30

Assuming the bank balance is true, do they reconcile, if not is the checkbook high or low?

• No, Checkbook is high $50

• No, Checkbook is low by $100

• No, the Checkbook is low by $30

• Yes

• Bank Statement Balance: $2,200

• Checkbook Balance: $2,180

• Outstanding Checks: $400

• Deposit in Transit: $300

• Bank Fees: $20

What is the adjusted checkbook balance?

• $2,160

• $2,100

• $2,200

• $2,140

• Bank Statement Balance: $2,750

• Checkbook Balance: $2,720

• Outstanding Checks: $150

• Deposit in Transit: $250

• Bank Error (added $100 to your account by mistake): +$100

What will the adjusted checkbook balance be?

• $2,720

• $2,750

• $2,820

• $2,620

• Bank Statement Balance: $2,750

• Checkbook Balance: $2,720

• Outstanding Checks: $150

• Deposit in Transit: $250

• Bank Error (added $100 to your account by mistake): +$100

Do they reconcile, if not what is the difference?

• Yes, they reconcile.

• No, the checkbook is high by $30

• No, the checkbook is low by $30

• No, the bank balance is high by $50

• Bank Statement Balance: $7,000

• Checkbook Balance: $6,800

• Outstanding Checks: $400

• Deposit in Transit: $300

• Interest Earned: $25

Do they reconcile, if not what is the difference?

• Yes, they reconcile.

• No, the checkbook is high by $25

• No, the checkbook is low by $25

• No, the bank balance is high by $75

• Bank Statement Balance: $7,000

• Checkbook Balance: $6,800

• Outstanding Checks: $400

• Deposit in Transit: $300

• Interest Earned: $25

What is the adjusted bank balance?

• $6,900

• $6,800

• $7,200

• $6,825

Challenge Problem

• Bank Statement Balance: $5,500

• Checkbook Balance: $5,300

• Outstanding Checks: $500

• Deposit in Transit: $800

• Bank Fees: $30

• NSF Check: $100

• Interest Earned: $50

What is the adjusted bank balance?

• $5,820

• $6,100

• $6,000

• $5,800

Answer explanation

• Adjusted Bank Balance = Bank Statement Balance - Outstanding Checks + Deposit in Transit
  $5,500 - $500 + $800 = $5,800

Since the fees and NSF check have already been accounted for in the bank statement balance, we don't need to adjust for them again. This problem is still challenging because students need to consider whether any of those adjustments have already been processed.