cubano2
Answered

Mrs. Jones's checkbook register:

| Date | Num | Payee | Payment | Clr | Deposit | Balance |
|------------|-------|---------------------|---------|-----|----------|----------|
| 1/1/2010 | | Balance forward | | | [tex]$2340.00 | $[/tex]2340.00 |
| 1/5/2010 | Debit | XYZ Supermarket | [tex]$145.44 | | | $[/tex]2194.56 |
| 2/1/2010 | 1014 | Rent | [tex]$600.00 | | | $[/tex]1594.56 |
| 2/1/2010 | 1015 | Bis Insurance Company | [tex]$320.40 | | | $[/tex]1274.16 |
|------------|-------|---------------------|---------|-----|----------|----------|

Consider what must be done, if anything, in order to finish the reconciliation process.

A. Line 6 is [tex]$10.00 higher than line 5; look back at the statement to find the discrepancy.
B. Any transaction that appears on the register must still be added to the bank statement.
C. Add lines 5 and 6 together.
D. The rent of $[/tex]600 is in your checkbook but not on your bank statement.



Answer :

GinnyAnswer
To solve this problem, we need to understand which entry in Mrs. Jones's checkbook is missing from the bank statement. We’ll step through the entries one by one to ensure they reconcile correctly.

Mrs. Jones's checkbook register entries:
- Initial Balance (1/1/2010): [tex]\( \$2340.00 \)[/tex]
- Transaction (1/5/2010) - XYZ Supermarket: [tex]\( \$145.44 \)[/tex]
- New balance: [tex]\( 2340.00 - 145.44 = 2194.56 \)[/tex]
- Transaction (2/1/2010) - Rent: [tex]\( \$600.00 \)[/tex]
- New balance: [tex]\( 2194.56 - 600.00 = 1594.56 \)[/tex]
- Transaction (2/1/2010) - Bis Insurance Company: [tex]\( \$320.40 \)[/tex]
- New balance: [tex]\( 1594.56 - 320.40 = 1274.16 \)[/tex]

Now, let's analyze the reconciliation process. The objective is to identify any entries that are in the checkbook register but have not appeared on the bank statement.

Given:
- Initial Balance: [tex]\( \$2340.00 \)[/tex]
- Total Debits (expenses): [tex]\( \$145.44 + \$600.00 + \$320.40 \)[/tex]
- Final balance: [tex]\( 2340.00 - (145.44 + 600.00 + 320.40) = 1274.16 \)[/tex]

Option (d): "The rent of \[tex]$600 is in your checkbook but not on your bank statement" is suggesting that a particular transaction appears in the checkbook but not on the bank statement. By examining the entries: 1. The initial balance was \( \$[/tex]2340.00 \).
2. The transaction amounts are correctly deducted from the initial balance.
3. The final balance of [tex]\( \$1274.16 \)[/tex] and all intermediate balances check out mathematically.

Therefore, no additional mathematical discrepancies are apparent in the checkbook itself, implying that all arithmetic computations are correct.

Given the question focuses on a reconciliation process involving the bank statement review, the most logical step correlating with the data provided:
- The transaction "Rent \[tex]$600" is possibly noted in the checkbook, but not reflected in the bank statement, thus making it a candidate for what's being questioned. Therefore, the correct answer is: d. The rent of \$[/tex]600 is in your checkbook but not on your bank statement.