Question

Lyle deposited a check for $75.26. He’ll use the check register to record his transaction. What will be his new balance? $821.00 $896.44 $938.00 $979.56

Answer 1

Answer:

No change in balance.

Explanation:

The matter should be considered in the context of accounting and bank separately.

Accounting Context

As mentioned in the question, the transaction is recorded by using check register i.e. the receipts of money is recorded in the accounts when checks are received. Hence, On deposit of check into the bank account will have no impact on the accounting records as the same has already been recorded in the accounts.

Bank Context

With regard to the bank balance as reflected in bank statements (bank's records), the bank balance will be increased by the amount of the check i.e. $ 75.26.

Answer 2

I believe the answer is $896.44