Banks are finding more ways to charge fees, such as a $31.50 overdraft fee. Sue

Question

Banks are finding more ways to charge fees, such as a $31.50 overdraft fee. Sue McVickers has an account in Fayetteville; she has received her bank statement with this $31.50 charge. Also, she was charged a $13.10 service fee; however, the good news is she earned $14.55 interest. Her bank statement’s balance was $794.45, but it did not show the $1,218.45 deposit she had made. Sue’s checkbook balance shows $791.10. The following checks have not cleared: No. 250, $717.65; No. 253, $326.80; and No. 254, $207.40.

Explanation / Answer

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Balance as per bank statement $       794.45 Add: Deposit in transit $   1,218.45 Less: Outstanding checks ($717.65+326.8+$207.4) $ (1,251.85) Adjusted bank balance $       761.05 Balance as per Cash book $       791.10 Less: Bank charges ($31.50+$13.10) $       (44.60) Add: Bank interest $         14.55 Adjusted cash balance $       761.05

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