Use the following to answer questions 5 – 8 Bank Reconciliation: Identify whether the item should...

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Use the following to answer questions 5 – 8 Bank Reconciliation: Identify whether the item should...

Use the following to answer questions 5 – 8

Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1.

1. Added to bank statement balance

2. Subtracted from bank statement balance

3. Added to company cash balance

4. Subtracted from company cash balance

	Item	#
5	Company error, recorded the same deposit twice
6	Note receivable collected by the bank
7	Bank error, check written for $320 but bank subtracted $230
8	NSF

business accounting

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Answer 1

Answer #1

Subtracted from company cash balance

	Item	#
5	Company error, recorded the same deposit twice	Subtracted from company cash balance
6	Note receivable collected by the bank	Added to company cash balance
7	Bank error, check written for $320 but bank subtracted $230	Subtracted from bank statement balance
8	NSF	Subtracted from company cash balance

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Answer 2

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