You have $144,000 on deposit with no outstanding checks or uncleared deposits. One day you write...
You have $144,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $40,000
What is your available balance?
What Is your book balance?
Homework Answers
Available balance is the balance as per bank. Book balance is the balance of firms bank book as per the firm.
Book balance = Available balance - any uncleared check + any deposit in transit
Available balance is 144,000$
Uncleared check = 40,000 $
So book balance = 144,000 - 40000 = 104,000$
Book balance = 104,000 $ And Available balance = 144,000 $
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and that one joirnal entry please.
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Spade Inc.'s bank statement from Hollow Bank at July 31, 2019, gives the following information. $18,400 71,000 68,678 $ Balance, July 1 August deposits Checks cleared in July Bank credit memorandum: Interest earned 25 Bank debit memorandum: Safety deposit box fee Service charge Balance, July 31 50 20,692 45 A summary of the Cash account in the ledger for July...
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