Clarence received his bank statement showing a balance of $671.35. The outstanding checks totaled $172.68, and there was an outstanding deposit of $115. His checkbook balance is $621.92. What type of correction does Clarence need to make to his running balance?

Question

Quizplus · Accepted Answer

Clarence's checkbook balance should be adjusted by subtracting the outstanding checks and adding the outstanding deposit: $671.35 - $172.68 + $115 = $613.67. The difference between this and his checkbook balance ($621.92) is -$8.25.

Clarence Received His Bank Statement Showing a Balance of $671