The correct formula to balance a bank deposit is as follows?
Total bank deposit
- total cash sales
+ credit card received A/R
- cash received A/R
_____________________
= 0

Question

Quizplus · Accepted Answer

The correct formula to balance a bank deposit should account for all forms of inflow and outflow to match the total deposit. The formula provided incorrectly suggests subtracting cash sales and cash received A/R, which are typically inflows (unless specifically referring to cash outflows for A/R, which is unusual in this context). A more accurate approach would include adding total cash sales and cash received from accounts receivable (if they are indeed inflows), along with credit card receipts, to match the total bank deposit.

The Correct Formula to Balance a Bank Deposit Is as Follows