Asked by Alyssa Davis on Apr 26, 2024
Verified
Indicate whether each of the following should be (A) added to the bank statement balance, (B) subtracted from the bank statement balance, (C) added to the checkbook balance, or (D) subtracted from the checkbook when computing the reconciled balance.
a.Outstanding checks
b.Bank fee for printing checks
c.Error in the check register: a deposit of $995 was recorded as $955
d.Deposit which did not appear on the bank statement
e.Service fees for ATM withdrawals
Bank Statement Balance
The total amount of money that is available in an individual's bank account at the end of a given period, according to the bank’s records.
Checkbook Balance
The current amount of money recorded in a checking account, according to the account holder's records.
Outstanding Checks
Checks that have been written and recorded in the check register but have not yet been cleared or deducted from the account balance by the bank.
- Attain insight into the bank reconciliation method and its importance in verifying the exactitude of financial operations.
- Understand how to adjust a checkbook balance to reflect real-time financial status.
Verified Answer
TC
Learning Objectives
- Attain insight into the bank reconciliation method and its importance in verifying the exactitude of financial operations.
- Understand how to adjust a checkbook balance to reflect real-time financial status.