Which 2 reasons could be causing this balance?

an opening balance was entered when an inventory item was created
an opening balance was entered when setting up sales tax
a reconciliation adjustment was posted when completing a bank reconciliation
transactions in the banking center were added without assigning an account to them
an opening balance was entered when creating a new other current asset account

Question

23-05-2022
Business

contestada

Which 2 reasons could be causing this balance?

an opening balance was entered when an inventory item was created
an opening balance was entered when setting up sales tax
a reconciliation adjustment was posted when completing a bank reconciliation
transactions in the banking center were added without assigning an account to them
an opening balance was entered when creating a new other current asset account

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Tundexi Tundexi · Answer 1 · 2022-05-31T11:52:27+02:00

The 2 reasons that could be causing the balance on bank reconciliation includes:

a reconciliation adjustment was posted when completing a bank reconciliation
transactions in the banking center were added without assigning an account to them

What is a bank reconciliation?

This is a statement that helps to proves the accuracy of the depositor's and the bank's records.

In every business, this is an important process because its matches the bank statements with the transactions that are recorded in their general ledger.

Therefore, the Option C & D is correct.