your bank statement shows this information: opening balance: $600 check 555: -$100 check 556: -$65 check 558: -$125 your account ledger shows this information : opening balance: $600 check 555: -$100 check 556: -$65 check 557: -$75 check 558: -$125 how much money do you have and why?

Question

21-11-2022
Business

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your bank statement shows this information: opening balance: $600 check 555: -$100 check 556: -$65 check 558: -$125 your account ledger shows this information : opening balance: $600 check 555: -$100 check 556: -$65 check 557: -$75 check 558: -$125 how much money do you have and why?

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vtalishathapar vtalishathapar · Answer 1 · 2022-11-29T12:45:46+01:00

$235 money you have after deducting the payment from opening accounting. The opening balance is the balance carried forward from the end of the previous accounting period or when starting out at the beginning of an accounting period.

What is the opening balance used for?

Opening balances represent your company's financial position on the day before you begin using Accounting. Reports cannot provide an accurate picture of your financial situation unless you have accurate opening balances. Opening balances for outstanding customer transactions can be entered.

Given

Opening Balance = $600

Payments = 100, 65, 75, and 125

Required to find Closing balance =?

Closing Balance = 600 - 100 - 65 - 75 - 125 =$ 235

Thus, the closing balance is $235.

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