Question

A bank statement has a beginning balance of $5,491.56, total debits of $1,130.00, and an ending balance of $5,329.53. What is the difference between the beginning balance and the ending balance?

Answer 1

-$162.03

Step-by-step explanation:

The change between the opening and closing bank balances is usually as a result of inflows (or deposits) into the bank and outflows (withdrawals) from the bank account.

While the debits are the withdrawals in the bank statements, the credit entries are the deposits.

The difference between the beginning balance and the ending balance

= $5,329.53 - $5,491.56

= -$162.03

This means that the total withdrawals was $162.03 more than the total deposits during this period.