Asked by Chirag Berry on Jun 09, 2024
Verified
A check register shows a balance of $3,683.52. The bank statement shows a cash balance of $10,020.18. The check register shows two outstanding checks of $1,348.31 and $5,000.00. The bank statement shows a service charge of $11.65. Compute the adjusted cash balance of the check register and the bank statement.
Adjusted Cash Balance
The cash balance reflected in the books after adjustments have been made for checks issued, deposits in transit, and other discrepancies.
Check Register
A record maintained by an account holder to keep track of checks written, deposits made, and current account balances.
Bank Statement
A document that summarizes all the transactions entered into by an account holder within a specific time frame.
- Ascertain adjusted monetary balances by including or removing charges for services, interest income, deposits, and cheques from the balance provided in the statement or cheque register.
- Identify discrepancies between the balances on bank statements and check registers and make adjustments for transactions that have not yet been processed.
Verified Answer
AP
Learning Objectives
- Ascertain adjusted monetary balances by including or removing charges for services, interest income, deposits, and cheques from the balance provided in the statement or cheque register.
- Identify discrepancies between the balances on bank statements and check registers and make adjustments for transactions that have not yet been processed.