Asked by Cameon Viney on May 09, 2024
Verified
A check register shows a balance of $995.57. The bank statement shows a charge of $10 for a photocopy of a check as requested by the account owner, a regular service charge of $6.50, and a special charge of $12.00 for the printing of personalized checks. The bank statement also shows that interest of $1.49 was paid by the bank. Compute the adjusted cash balance of the check register.
Adjusted Cash Balance
The cash balance reported in a company's financial statements after adjustments have been made for checks written, deposits in transit, and other discrepancies.
Bank Statement
A document or electronic report issued by a bank summarizing transactions, including deposits and withdrawals, over a specific period.
Service Charge
A fee charged for a particular service provided by a company or institution.
- Evaluate recalibrated cash balances by introducing or taking away service charges, interest accruals, deposits, and checks from the shown balance in the statement or check recording.
- Review the implications of charges by banks, payments of interest, and extra fees on the comprehensive balance of an account.
Verified Answer
MM
Learning Objectives
- Evaluate recalibrated cash balances by introducing or taking away service charges, interest accruals, deposits, and checks from the shown balance in the statement or check recording.
- Review the implications of charges by banks, payments of interest, and extra fees on the comprehensive balance of an account.