Asked by Jamie Illasarie on May 22, 2024
Verified
The check register of Clover Co. indicated a cash balance of $1,580.12 January 1. During the month Clover Co. made deposits of $980.75 and $2,120.85. During the same month Clover Co. wrote checks for $140.50, $1,469.29, $690.17, $51.90, and $789.12. What balance should the register show for cash January 31?
Check Register
A record book or electronic log used to track checks written, deposits made, and current balance of a checking account.
Cash Balance
The amount of cash on hand or in bank accounts, typically shown on a company's balance sheet, representing liquid assets available for use.
Deposits
Funds placed into a bank account or a financial institution for safekeeping, which can include both cash and non-cash items.
- Comprehend the principle of a check register and the method for documenting transactions within it.
- Attain adeptness in calculating the adjusted cash balance by adding deposits to and subtracting written checks from the total.
Verified Answer
TM
Learning Objectives
- Comprehend the principle of a check register and the method for documenting transactions within it.
- Attain adeptness in calculating the adjusted cash balance by adding deposits to and subtracting written checks from the total.