Questions: 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. 34589 2. Enter the sum of any outstanding deposits or credits. 3. Add lines 1 and 2 . 34589 4. Enter the sum of any outstanding checks or debits. 5. Subtract line 4 from line 3. 6. Enter your checkbook balance. 32837 Note: Lines 5 and 6 should be equal at the end of the reconciliation.

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.  34589
2. Enter the sum of any outstanding deposits or credits.  
3. Add lines 1 and 2 .  34589
4. Enter the sum of any outstanding checks or debits.  
5. Subtract line 4 from line 3.  
6. Enter your checkbook balance.  32837

Note: Lines 5 and 6 should be equal at the end of the reconciliation.
Transcript text: 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. \begin{tabular}{|c|c|} \hline Mega Bank Reconciliation Worksheet & Amount \\ \hline 1. Enter the statement closing balance. & \$34589 \\ \hline 2. Enter the sum of any outstanding deposits or credits. & \\ \hline 3. Add lines 1 and 2 . & $\$ 34589$ \\ \hline 4. Enter the sum of any outstanding checks or debits. & \\ \hline 5. Subtract line 4 from line 3. & \\ \hline 6. Enter your checkbook balance. & \$32837 \\ \hline \end{tabular} Note: Lines 5 and 6 should be equal at the end of the reconciliation.
failed

Solution

failed
failed

To solve the problem of why line 5 does not equal line 6 in Yolanda's bank reconciliation worksheet, we need to identify the missing amounts for the outstanding deposits or credits (line 2) and the outstanding checks or debits (line 4). The goal is to ensure that the calculated balance (line 5) matches the checkbook balance (line 6).

Let's break down the steps:

  1. Identify the Statement Closing Balance (Line 1):
    The statement closing balance is given as \$34,589.

  2. Determine the Outstanding Deposits or Credits (Line 2):
    This amount is currently missing. Let's denote it as \( x \).

  3. Calculate the Total of Lines 1 and 2 (Line 3):
    Line 3 is the sum of the statement closing balance and the outstanding deposits or credits.
    \[ \text{Line 3} = \$34,589 + x \]

  4. Identify the Outstanding Checks or Debits (Line 4):
    This amount is also missing. Let's denote it as \( y \).

  5. Calculate Line 5 (Subtract Line 4 from Line 3):
    Line 5 should be the result of subtracting the outstanding checks or debits from the total of lines 1 and 2.
    \[ \text{Line 5} = (\$34,589 + x) - y \]

  6. Checkbook Balance (Line 6):
    The checkbook balance is given as \$32,837.

For lines 5 and 6 to be equal, the following equation must hold true:
\[ (\$34,589 + x) - y = \$32,837 \]

Solving for the Missing Values:

Rearrange the equation to solve for \( x \) and \( y \):
\[ \$34,589 + x - y = \$32,837 \]
\[ x - y = \$32,837 - \$34,589 \]
\[ x - y = -\$1,752 \]

This equation tells us that the outstanding checks or debits (y) exceed the outstanding deposits or credits (x) by \$1,752.

Conclusion:

To reconcile the worksheet, Yolanda needs to ensure that the difference between the outstanding deposits or credits and the outstanding checks or debits is exactly -\$1,752. This will make line 5 equal to line 6, achieving the reconciliation.

Was this solution helpful?
failed
Unhelpful
failed
Helpful