You have $32,618 on deposit at the bank with no outstanding checks or deposits.If you write a check for $8,900, what will be your book balance on that day if the check will take 3 days to clear?

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Quizplus · Accepted Answer

The book balance is the amount of money that you have in your account according to your records. When you write a check, the amount of the check is deducted from your book balance immediately. However, it takes a few days for the check to clear, which means that the bank has not yet processed the transaction. During this time, the amount of the check is still included in your book balance. Therefore, your book balance on the day you write the check will be $32,618 - $8,900 = $23,718.

You Have $32,618 on Deposit at the Bank with No