Megan used a reconciliation worksheet provided by her bank. Line 5 should equal line 6 at the end of the reconciliation, but it does not. Friendly Bank Reconciliation Worksheet Amount 1. Enter the statement closing balance. $ 487 13 2. Enter the sum of any outstanding deposits or credits. $ 186 68 3. Add lines 1 and 2. $ 673 81 4. Enter the sum of any outstanding checks or debits. $ 174 01 5. Subtract line 4 from line 3. $ 499 80 6. Enter your checkbook balance. $ 362 60 Note: Lines 5 and 6 should be equal at the end of the reconciliation. Megan wants to first look for a single transaction that could have caused this problem with reconciliation. What is the amount of the transaction that Megan should look for in order to find a solution to the problem?
The adjusted balance on line 5 is $499.80, while Megan’s checkbook balance on line 6 is $362.60. Subtracting $362.60 from $499.80 gives a difference of $137.20. She should look for a single transaction of $137.20, so the correct choice is $137.20.
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