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5 September, 12:37

What is the mathematical formula that you would use to describe a financial activity on a bank statement? Explain your response to your option of choice, included.

a. Ending Balance = Previous Balance + Deposits + Withdrawals

b. Ending Balance = Previous Balance - Deposits + Withdrawals

c. Ending Balance = Previous Balance + Deposits - Withdrawals

d. Ending Balance = Previous Balance - Deposits - Withdrawals

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  1. 5 September, 13:05
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    c. Ending Balance = Previous Balance + Deposits - Withdrawals

    Explanation:

    Deposits are every cash transaction that increase your bank balance, and withdrawals are expenses that decrease your bank balance. Hence the closing / ending balance any day would be the difference of deposits and withdrawals, with opening balance in summation.
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