during the month of july, clanton industries issued a check in the amount of $756 to a supplier on account. the check did not clear the bank during july. in preparing the july 31 bank reconciliation, the company should:

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24-10-2022
Business

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during the month of july, clanton industries issued a check in the amount of $756 to a supplier on account. the check did not clear the bank during july. in preparing the july 31 bank reconciliation, the company should:

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RioSengupta RioSengupta · Answer 1 · 2022-11-04T11:09:55+01:00

In July, the cheque failed to clear the bank. The business should: Subtract the check amount from the bank balance when doing the bank reconciliation for July 31.

What is bank reconciliation?

Comparing information from cash books and related information from bank statements is known as bank reconciliation. It is an important procedure that guarantees the accuracy of the CFO's accounting records.

The five basic types of account reconciliation are bank reconciliation, vendor reconciliation, business-specific reconciliation, intercompany reconciliation, and customer reconciliation. Additionally, they all help you keep your balances.

The process of reconciliation guarantees the reliability and accuracy of financial data. A proper reconciliation procedure also makes sure that no illegal changes were made to transactions while they were being processed.

The equation is as follows: Bank statement balance = Cash account balance as per your records +/- reconciling items.

Learn more about bank reconciliation, here

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