Question

Yolanda used a reconciliation worksheet provided by her bank. Line 5 should equal line 6 at the end of the reconciliation, but it does not.
Mega Bank Reconciliation Worksheet
Amount
1. Enter the statement closing balance.
$
345
89
2. Enter the sum of any outstanding deposits or credits.
$
0
00
3. Add lines 1 and 2.
$
345
89
4. Enter the sum of any outstanding checks or debits.
$
37
51
5. Subtract line 4 from line 3.
$
308
38
6. Enter your checkbook balance.
$
328
37
Note: Lines 5 and 6 should be equal at the end of the reconciliation.

Yolanda wants to first look for a single transaction that could have caused this problem with reconciliation. What is the amount of the transaction that Yolanda should look for in order to find a solution to the problem?
a.
$17.52
b.
$19.99
c.
$20.01
d.
$37.51

Answer 1

Answer: b. $19.99

Reason: The adjusted bank balance (line 5) is $308.38 and the checkbook balance (line 6) is $328.37. The difference is $328.37 − $308.38 = $19.99, so Yolanda should look for a single missing/erroneous transaction of $19.99.