Essay
Identify whether each of the following items would be (a) added to the book balance or (b) deducted from the book balance in a bank reconciliation.
1. EFT transfer to a supplier
2. Bank service charge
3. Check printing charge
4. Error recording check # 214 which was written for $450 but recorded for $540
5. Collection of note and interest by bank on company's behalf
Correct Answer:
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1. b
2. b
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Correct Answer:
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2. b
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