The Parsons Have a Balance of $3,664

question 20

Essay

The Parsons have a balance of $3,664.47 in their check register.On their bank statement,the balance on the account is $2,346.89.Not reported on the bank statement are checks of $324.56,$25.50,$78.92,and $30.25.There are outstanding deposits in the amount of $500 and $1,456.81.There are three ATM withdrawals of $60 each.What do the Parsons need to do to reconcile their checkbook?

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Definitions:

Quantum Meruit

A legal principle that allows a party to receive a reasonable payment for services provided when no specified compensation is involved.

Past Consideration

Something completed before an agreement is made; it is not valid consideration.

Early Repayment

The act of paying off a loan or mortgage before the agreed-upon due date, often resulting in financial penalties.

Equitable Estoppel

A legal defense tool that prevents a party from taking back a promise or from arguing against facts they previously admitted to, when another party has relied on that promise or those facts.