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Where do service charges appear and how should they be added or subtracted from you checkbook balance in your checkbook register?
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What is checkbook reconciliation?
At the end of the month you do a checkbook reconciliation in order to balance your checkbook to ensure that the balance agrees with what the bank says is in your account. You do this by totaling all the checks you wrote for the month, along with any charges the bank has levied such as the cost of writing the checks etc, and deducting them from the previous month's balance. Then you add up all your deposits for the same period, and your checkbook balance should agree with what the bank says you now have in your account. Checks are fast becoming obsolete for most people as they move to on-line banking and are paying their bills electronically.
What is the journal entry for this transaction Added 460 to mendosa customer balance for finance charges on unpaid balances?
debit finance charges 460credit balance payable 460
What are the Charges of bank on its customers?
Banks may charge you for/under the following services 1. Annual account maintenance charges 2. Debit/ATM card annual fees 3. Charges for issuing Demand drafts 4. Charges for not maintaining minimum balance 5. Charges for bounced cheques etc...
What types of accounts have a debit balance?
All expenditure related head of accounts are debit balance accounts. Some of the examples are cost of purchases, establishment charges, administrative expenses etc.,
What is the first step toward reconciling your checkbook register?
The first step is to gather the documentation needed to complete the reconciliation: the check register, the bank statement and the previous reconciliation. While you can complete the following steps in any sequence, I think it makes sense to first compare the reconciling items from the previous statement to make sure they are no longer reconciling items: have all outstanding checks been presented, have any deposits in transit been credited, bank fees recorded, etc. Then you would compare all checks recorded in the register to those which have cleared the bank, noting any discrepancies. Then do the same for deposits. Finally, identify any charges or credits on the bank statement which were not posted to the check register. As long as you complete the reconciliation, it really doesn't matter which step you do first. I believe the above sequence makes the process easier.
What is checkbook reconciliation?
At the end of the month you do a checkbook reconciliation in order to balance your checkbook to ensure that the balance agrees with what the bank says is in your account. You do this by totaling all the checks you wrote for the month, along with any charges the bank has levied such as the cost of writing the checks etc, and deducting them from the previous month's balance. Then you add up all your deposits for the same period, and your checkbook balance should agree with what the bank says you now have in your account. Checks are fast becoming obsolete for most people as they move to on-line banking and are paying their bills electronically.
Your bank statement shows a closing balance of 116.83. There are no outstanding checks or deposits. Your checkbook shows a balance of 118.58. What might account for the different balances?
it might be because of bank charges towards folio, some incidental expenses
Larry's checkbook has a balance of 922.63. What is most likely the reason that Larry's balance is different from the bank's balance?
The most likely reason Larry's balance is different from the bank's balance is that there may be outstanding checks or transactions that have not cleared yet. It could also be due to deposits that have not been credited to the account by the bank. Additionally, fees or charges applied by the bank could impact the balance.
Finding Balance?
Believe it or not, I have met several adults that think it is perfectly ok to choose not to balance their checkbooks. Are you one of these folks? Do you know what goes on in your checking account or are you clueless? Do you think that the amount that your ATM receipt shows on it is the amount you are free to use? Without doing a proper reconciliation between your bank statement and your check register you run the risk of bouncing checks and blowing your credit. Despite the importance of this act, many choose not to do it because they consider it too hard. But balancing your checkbook isn’t really hard at all. It can be done by following these simple steps. 1. Go through every transaction shown on the statement and check it off in your check register. If the transaction is there and the amount is correct, place a little checkmark by it to show that it’s ok. 2. When you’ve gone through all transactions on the statement, go to the balance on the day in your check register that corresponds to the statement date. For example, if the statement was cut as of January 31st, then take note of what your check register balance is as of the last transaction on the 31st. 3. Then add to that balance all checks or charges that are outstanding (those that didn’t receive a checkmark), and subtract all outstanding deposits. The resulting amount should equal the ending balance on the statement. 4. If you find that it does not equal then you do not balance and you will have to do a little investigation to determine just where you went off course. If you balance your checkbook every month, you’ll find it very easy to quickly reconcile your check register to your bank statement and you can rest assured that you are a wise user of your checking account. So don’t be a clueless check-writer or debit card wielding consumer. Find balance in your life, or at least your checking account, before you do something that could ruin your financial future.
What do you call matter that has a balance of positive and negative charges?
Neutral charges
Is bank charges a balance sheet item?
yes
What is the journal entry for this transaction Added 460 to mendosa customer balance for finance charges on unpaid balances?
debit finance charges 460credit balance payable 460
Is it a felony to not register for the selective service?
Yes, failing to register for the selective service, if required by law, is considered a federal offense and can result in felony charges.
If you close a credit card containing a balance in an attempt to pay it off faster how does this affect your finance charges?
It won't. The finance/interest charges will still be applied to the balance in accordance with the original lending agreement.
Does magnetism happen when positive and negative charges are not in balance?
I think that magnetism does not have balence
Neutrons have a balance of positive and negative electrical charges?
No, neutrons does not have any sort of electrical charge. They have neither positive nor negative charges.
Why it is wise to pay the full balance on credit card?
It is wise to pay the full balance on credit card because you will not entail finance charges and other fees. If you pay only the minimum, your next balance will increase due to the finance charges and fees. At the same time, it can build your credit score. I always pay the full balance on my credit cards.
