Your firm's ledger shows a balance of $1 million which reflects today's $75,000 deposit and a check for $50,000 that went out in yesterday's mail.What is the bank's ledger balance for your account?

Question

Quizplus · Accepted Answer

The bank's ledger balance would not yet reflect today's deposit of $75,000, so it would be $1,000,000 - $50,000 = $950,000. However, since the check for $50,000 has not yet cleared, the balance remains $975,000.

Your Firm's Ledger Shows a Balance of $1 Million Which