Asked by Nicholas Maynard on Apr 26, 2024
Verified
A bank statement shows a balance of $347.72. The check register of the account owner shows an outstanding deposit of $500.00 and outstanding checks of $119.35, $75.00, and $150.00. Compute the adjusted cash balance of the bank statement.
Bank Statement
A formal accounting by a bank of the adding and subtracting activities that have occurred in one bank account over a stated period of time (usually a month).
Check Register
A personal record book or digital log used to track checks written, deposits made, and the current balance of a checking account.
Outstanding Deposit
A credit that hasn’t yet been recorded by the bank.
- Analyze financial statements to adjust cash balances.
- Understand the impact of bank service charges, interest, and NSF fees on account balances.
- Illustrate the process of reconciling a bank statement with a check register.
Verified Answer
AG
Learning Objectives
- Analyze financial statements to adjust cash balances.
- Understand the impact of bank service charges, interest, and NSF fees on account balances.
- Illustrate the process of reconciling a bank statement with a check register.