Asked by Varinder Sanghu on Jun 09, 2024
Verified
A check register shows a balance of $484.95. The bank statement shows a cash balance of $506.27. The check register shows an outstanding check for $27.82. The bank statement shows a service charge of $6.50. Compute the adjusted balance of the check register and the bank statement.
Adjusted Balance
The method of calculating finance charges on a credit account by subtracting payments or credits received during the billing cycle from the balance at the end of the billing cycle.
Check Register
A record-keeping tool used to track checks written, deposits made, and the current balance of a checking account.
Bank Statement
A document issued by a bank that summarizes a customer's financial transactions and balance over a specific period.
- Compute modified monetary summations by augmenting or subtracting fees for services, interest revenue, deposits, and checks from the amount shown in the statement or check ledger.
- Discover and address discrepancies in balances shown on bank statements versus those recorded in check registers, attributed to transactions not yet cleared.
Verified Answer
KG
Learning Objectives
- Compute modified monetary summations by augmenting or subtracting fees for services, interest revenue, deposits, and checks from the amount shown in the statement or check ledger.
- Discover and address discrepancies in balances shown on bank statements versus those recorded in check registers, attributed to transactions not yet cleared.