Manuel has a $717.89 checkbook balance. His bank statement shows a $509.56 balance and an $8 service charge. His outstanding checks total $112.23. The deposit from his paycheck for $345 is also outstanding. What is his adjusted checkbook balance? Does it reconcile with the adjusted bank statement balance?
$709.89; no;
His adjusted checkbook balance should be $717.89 - $8 = $709.89. His adjusted bank statement balance is $509.56 - $122.23 + $345 = $732.33. The balances do not reconcile; there is a difference of $22.44.
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