The adjusted bank balance takes the ending bank statement balance of $790 + deposits in transit of $400 - outstanding checks of $50 = $1,140. The service charge is part of the adjusted bank balance.
What is an adjusted bank balance?
- A settlement method is an accounting method that calculates loan charges grounded on the amount owed at the end of the current accounting period after credits and payments have been declared to the account.
- Most savings accounts and some credit card aftereffects use the adjusted bank balance method to calculate interest.
- The adjusted bank balance method calculates the interest earned on your savings account at the end of the month after all transactions have been posted to your account.
- Credit card accounts include a grace period when using the adjusted balance method to calculate funding fees.
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