Asked by Lance Watkins on May 12, 2024
Verified
A bank statement shows a balance of $4,750.26. The check register of the account owner shows an outstanding deposit of $2,322.43 and outstanding checks of $1,500.00, $1,250.00, and $350.00. Compute the adjusted cash balance of the bank statement.
Bank Statement
A monthly or quarterly document provided by a bank, detailing all transactions in a customer's account during the statement period.
Check Register
A record book or a spreadsheet where all written checks, cash transactions, and deposits are recorded.
Outstanding Deposit
A deposit that has been made to a bank account but not yet cleared or recognized in the bank's record system.
- Investigate fiscal statements to revise monetary balances.
- Demonstrate the method of reconciling a bank statement with a check register.
Verified Answer
XC
Learning Objectives
- Investigate fiscal statements to revise monetary balances.
- Demonstrate the method of reconciling a bank statement with a check register.