Question
In: Finance
Mary's last bank statement showed an ending balance of $102.87. This month, she deposited $385.41 in...
Mary's last bank statement showed an ending balance of $102.87. This month, she deposited $385.41 in her account and withdrew a total of $143.37. Furthermore, Mary wrote a total of five checks, two of which have cleared. The two checks that have cleared total $90.38. The three remaining checks total $69.54. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? What is the adjusted bank balance?
The balance shown this month on Mary's bank statement is
The adjusted bank balance is
Solutions
Expert Solution
Balance on Mary's Bank statement = $184.99
| Opening Balance | 102.87 | |
| Add | Amount deposited | 385.41 |
| Less | Withdrawal | 143.37 |
| Less | Checks issued (90.38+69.54) | 159.92 |
| Balance | 184.99 |
Note: In Mary's bank statement, all checks issued will be deducted irrespective of whether they are cleared or not.
Adjusted bank balance= Closing balance on Mary's statement+ Cheques not yet cleared
= 184.99 + 69.54
= $254.53
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