On October 31,2018,your company's records say that the company has $16,451.03 in its checking account.A review of the bank statement shows you have three outstanding checks totaling $5,643.01,and the bank has paid you interest of $12.19 and charged you $9.00 in service charges.The bank statement dated October 31,2018 would report a balance of:

Question

Quizplus · Accepted Answer

Start with updates to cash balance per books and back into ending cash balance per bank statement.
Up-to-date ending cash balance = Balance per books + Interest received from bank − Bank service charges
= $16,451.03 + $12.19 − $9 = $16,454.22
Up-to-date ending cash balance = Ending cash balance per bank statement − Outstanding checks
Ending cash balance per bank statement = Up-to-date ending cash balance + Outstanding checks
= $16,454.22 + $5,643.01 = $22,097.23

On October 31,2018,your Company's Records Say That the Company Has