Asked by Quinn Duncan on Jun 12, 2024
Verified
Which of the following would be subtracted from the balance per books on a bank reconciliation?
A) outstanding checks
B) deposits in transit
C) notes collected by the bank
D) error in recording a check for $732 as $723
Bank Reconciliation
The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
Balance Per Books
The ending balance of an account as recorded in the financial records of a company or individual.
- Detect the revisions needed for book and bank balances when conducting a bank reconciliation.
Verified Answer
HR
hafizuddin RichaamiinJun 15, 2024
Final Answer :
D
Explanation :
Errors in recording transactions in the company's books, such as recording a check for an incorrect amount, would be adjusted on the company's side of the reconciliation. This ensures the company's records match the corrected bank statement balance. Outstanding checks, deposits in transit, and notes collected by the bank are adjustments on the bank's side.
Learning Objectives
- Detect the revisions needed for book and bank balances when conducting a bank reconciliation.
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