Asked by Carmen Ortega on Jun 30, 2024
Verified
On a bank reconciliation, which of the following would be added to the balance per books?
A) outstanding cheques
B) deposits in transit
C) electronic payment by a customer on account
D) bank service charges
Balance Per Books
The account balance according to the company's accounting records, not necessarily reflecting bank or third-party records.
Bank Reconciliation
A process that explains the difference between the bank balance shown in an organization's bank statement, as provided by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.
- Identify adjustments to be made in the course of bank reconciliation and their repercussions on the recorded and bank-reported balances.
Verified Answer
Learning Objectives
- Identify adjustments to be made in the course of bank reconciliation and their repercussions on the recorded and bank-reported balances.
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