Asked by Marina Aschilean on Apr 23, 2024
Verified
A check register shows a balance of $170.35. The bank statement shows interest of $1.42 credited to the account and a service charge of $6.50 charged against the account. Compute the adjusted cash balance of the check register.
Adjusted Cash Balance
The cash balance reported in a company's financial statement, modified for factors like outstanding checks or deposits in transit.
Bank Statement
A monthly or quarterly document provided by a bank summarizing the transactions, including deposits and withdrawals, that occurred in a specific account.
Service Charge
A fee collected to pay for services related to the primary product or service being purchased.
- Assess updated fiscal balances by adding or retracting service charges, interest accruals, deposits, and checks from the tally shown on the statement or check register.
- Assess the impact of bank charges, interest payments, and other fees on overall account balance.
Verified Answer
ZK
Learning Objectives
- Assess updated fiscal balances by adding or retracting service charges, interest accruals, deposits, and checks from the tally shown on the statement or check register.
- Assess the impact of bank charges, interest payments, and other fees on overall account balance.