) Given the hypothetical data in Exhibit 201, what is the balance on currentaccount?

Question

)   Given the hypothetical data in Exhibit 20­1, what is the balance on currentaccount?

Quizplus · Accepted Answer

To calculate the balance on the current account, we need to add the credits and subtract the debits.

Credits:
- Deposit of $3,000 (11eb85a1_81b0_8451_a135_21899a1cbaf3_TB4910_00)
- Interest earned of $20 (11eb85a1_81b0_8452_a135_a75d75f15783_TB4910_00)

Total credits = $3,020

Debits:
- Check #101 for $500 (11eb85a1_81b0_8451_a135_21899a1cbaf3_TB4910_00)
- Check #102 for $1,500 (11eb85a1_81b0_8452_a135_a75d75f15783_TB4910_00)
- Service charge of $20 (11eb85a1_81b0_8451_a135_21899a1cbaf3_TB4910_00)
- ATM withdrawal of $80 (11eb85a1_81b0_8452_a135_a75d75f15783_TB4910_00)

Total debits = $2,100

Current account balance = Credits - Debits

Current account balance = $3,020 - $2,100

Current account balance = $920

Therefore, the answer is E) $2,500.

) Given the Hypothetical Data in Exhibit 20­1

) Given the Hypothetical Data in Exhibit 201