Asked by Misti Graham on Jun 22, 2024
Verified
A bank statement shows a balance of $401.85. The check register of the account owner shows outstanding deposits of $350.00 and $247.32, as well as an outstanding check of $475.50. Compute the adjusted cash balance of the bank statement.
Adjusted Cash Balance
The cash balance as per the company's records after making necessary adjustments for reconciling items with the bank statement.
Bank Statement
A document summarizing the financial transactions occurring within a specific period on a bank account.
Check Register
A record book or electronic log used to track checks written, deposits made, and current balances in a checking account.
- Evaluate refined financial standings by adding or subtracting service expenses, interest accruals, deposits, and cheques from the balance detailed in the statement or cheque registry.
- Identify and resolve differences between the financial balances reported in bank statements and those recorded in check registers due to transactions that remain unsettled.
Verified Answer
ME
Learning Objectives
- Evaluate refined financial standings by adding or subtracting service expenses, interest accruals, deposits, and cheques from the balance detailed in the statement or cheque registry.
- Identify and resolve differences between the financial balances reported in bank statements and those recorded in check registers due to transactions that remain unsettled.