Mirian Has Made Several Transactions in the Past Few Days

question 54

Short Answer

Mirian has made several transactions in the past few days and wants to know her current balance. Find the amount of the balance forward that would result following these transactions:
Starting balance: $2,258.20
June 4; check #442; to Quick Foods; amount of $63.96
Deposit; June 14; amount of $159.22
June 20; check #443; to Roy's Pizza; amount of $33.44
June 22; check #444; to Pet King; amount $40.54

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Definitions:

Bank Reconciliation

The method of aligning and scrutinizing numbers from financial records with those presented in a bank statement to verify their consistency.

Interest Earned

The income received from investments in financial instruments like savings accounts, bonds, and loans, usually calculated as a percentage of the principal amount.

Internal Control

A process implemented by a company’s management and board of directors to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of operations, reliable financial reporting, and compliance with laws and regulations.

Pre-numbered

Pre-numbered refers to documents or forms that are sequentially numbered in advance, aimed at preventing fraud and ensuring completeness in record-keeping.