Answered

Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Ask your questions and receive precise answers from experienced professionals across different disciplines. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Last month, when Jerry received his bank statement, he found that the balance in the statement did not match the balance in the register. Examine Jerry's check register and bank statement and evaluate his problem. Trans typ./ Check no. Date Description of Transaction Payment/ Debit (-) Deposit/ Credit (+) Balance 900 00 241 9/4 Miller's Food Market 67.25 67 25 Groceries 832 75 242 9/18 Frank's Auto Parts 36.80 36 80 Oil and Filter 795 95 243 9/28 Mike's Barber Shop 15.00 15 00 Haircut 780 95 Deposit 9/30 Paycheck 650.45 650 45 1,431 40 Checking Account Statement Account Number: 1234-1212 Checks date check no. amount 9/5 241 $67.25 9/20 242 $36.80 9/30 243 $15.00 Other Activity date transaction amount 9/30 Deposit $650.45 9/30 Fees $15.00 Balances Opening Balance $900.00 Closing Balance $1,416.40 A. His check to the barber shop was not cashed before the end of the month. B. He added up his transactions incorrectly. C. He mislabeled a payment as a deposit. D. He had bank fees that were not in his check register

Sagot :

He had bank fees $15 that were not in his check register.

The correct option is (B)

What is Balancing Statement?

Balancing statement is a final statement of your income tax liability for a tax year. It is issued by Revenue when your income tax liability has been reviewed and it shows: your total income from all sources. tax reliefs and credits claimed. amounts of income tax

Balance in check register be,

=Initial Balance - ( Expense on Food Market + Frank's auto parts + Barber shop ) + Deposit

Initial Balance = 900

Expense on Food Market= 67.25

Frank's auto parts =36.80

Barber shop =15

Deposit =650.45

So,

Balance = 900 - (67.25 + 36.80 + 15) + 650.45

              = 1550.45-119.05

             = $1431.40

Balance on Account statement be,

=  Opening balance - ( checks amount on different dates ) + deposit - fees

= 900 - (67.25 + 36.80 + 15) + 650.45  - 15

= 1550.45-134.05

= $1416.40

As, the balances in bank statement and in checking register are not matched. This is because the fees $15 paid on 9/30 is not calculated by Jerry in his check register

thus,

= $1431.40 - $15.00 (Fees)

= $1416.40

Now the balance on account and checking statements matched.

So, he had bank fees were not in Check Register.

Learn more about balancing statements here:

https://brainly.com/question/11956679

#SPJ1

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.