a check issued to a creditor in the amount of $35 was recorded in the journal as $350. in the bank reconciliation, the correction would be recorded as a(n)

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24-10-2022
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a check issued to a creditor in the amount of $35 was recorded in the journal as $350. in the bank reconciliation, the correction would be recorded as a(n)

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KrishnaMitra KrishnaMitra · Answer 1 · 2022-11-05T22:10:53+01:00

A $35 check that was written to a creditor was entered in the journal as $350. The correction would be shown as an increase to the cash ledger balance in the bank reconciliation.

What is bank reconciliation?

A bank reconciliation is a procedure carried out by a business to confirm the accuracy of its records (such as the check register, general ledger account, balance sheet, etc.). This is accomplished by contrasting the quantities recorded by the business with those displayed on the bank statement. Any discrepancies must be explained. Accountants describe the bank statement as reconciled when there are no unexpected variances.

An essential component of a company's internal controls over its assets is the bank reconciliation. It must be carried out by someone other than an authorized check signer or record keeper in order to be effective.

To know more about, bank reconciliation, visit :

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