Asked by Kevin Buakuma-Sayers on Jun 24, 2024
Verified
A bank statement shows a balance of $78,620.14. The check register shows an outstanding deposit of $11,007.21 and outstanding checks of $180.90, $2,384.12, and $17,000.50. Compute the adjusted cash balance of the bank statement.
Adjusted Cash Balance
The cash balance on financial statements after adjustments for checks in transit, deposits in transit, and other discrepancies.
Bank Statement
A monthly or quarterly document provided by a bank, detailing the account holder's transactions and balance.
Outstanding Deposit
Refers to funds that have been deposited but not yet credited to the depositor's account.
- Figure out rectified cash totals by adding or discounting service expenses, interest, deposits, and cheques from the balance mentioned in the statement or cheque documentation.
- Detect and compensate for inconsistencies between bank statements and check register figures owing to outstanding transactions.
Verified Answer
LP
Learning Objectives
- Figure out rectified cash totals by adding or discounting service expenses, interest, deposits, and cheques from the balance mentioned in the statement or cheque documentation.
- Detect and compensate for inconsistencies between bank statements and check register figures owing to outstanding transactions.