Answer :
When adjusting the company's cash account balance in a bank reconciliation, outstanding balance item must be added to the cash account balance?
What do you mean by outstanding balance?
An outstanding balance is the amount you owe on any debt that charges interest, like a credit card. It refers to the amount you owe from purchases and other transactions made with your credit card. It's also called your current balance.
The outstanding balance is what we currently owe on the card and it can include:
- Purchases
- Cash advances
- Balance transfers
- Interest charges
- Fees
To learn more about outstanding balance, refer to:
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