Based on the following information, determine the true balance in your checking account. Balance in your checkbook Balance on bank statement Interest earned on the account Total of outstanding checks Deposits in transit. Service charge and other fees. True balance $366 538 17 $5 S46 540 244 60

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.