For which of the following errors should the appropriate amount be subtracted from the balance per...
For which of the following errors should the appropriate amount be subtracted from the balance per bank on a bank reconciliation?
| Check for $63 recorded by the company as $36. |
| A returned $500 check recorded by the bank as $50. |
| Deposit of $500 recorded by the bank as $50. |
| Check for $65 recorded by the company as $56. |
Please explain why the correct answer is correct, and why incorrect answer choices are wrong. Thank you.
Homework Answers
Solution:
A returned $500 check recorded by bank as $50 be subtracted from the balance per bank on a bank reconciliation because bank reduced the customer account with a lesser amount of $450.
Check for $63 recorded by the company as $36 be subtracted in cash balance of company in bank reconciliation.
Deposit of $500 recorded by the bank as $50 be added in the balance as bank in reconciliation
Check for $65 recorded by the company as $56 be subtracted in cash balance of company in bank reconciliation.
Hence 2nd option is correct.
Add Answer to:
For which of the following errors should the appropriate amount
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Please explain why the correct answer is correct, and why
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Please explain why the correct answer is correct, and why
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