Asked by Justina Sandidge on Jul 05, 2024
Verified
A check register shows a balance of $4,583.42. The bank statement shows a cash balance of $11,020.15. The check register shows two outstanding checks of $1,339.18 and $5,110.00. The bank statement shows a service charge of $12.45. Compute the adjusted cash balance of the check register and the bank statement.
Adjusted Cash Balance
The cash balance resulting after certain adjustments are made, such as for outstanding checks or deposits in transit.
Check Register
A record book or ledger that tracks all checks written, deposits made, and current balance of a checking account, aiding in personal financial management.
Bank Statement
A document provided by a bank that summarizes an account's transactions and balances over a specified period.
- Assess corrected cash balances by adding to or subtracting from service charges, interest accruals, deposits, and cheques based on the statement or check ledger balance.
- Identify and reconcile differences between bank statements and check register balances due to transactions that are yet to be settled.
Verified Answer
AP
Learning Objectives
- Assess corrected cash balances by adding to or subtracting from service charges, interest accruals, deposits, and cheques based on the statement or check ledger balance.
- Identify and reconcile differences between bank statements and check register balances due to transactions that are yet to be settled.