Accounting

posted by .

If a company erroneously records a $500 deposit as $50 in its records, which of the following must occur when reconciling its bank statement?

a. The company must increase the balance per its records by $500.
b. The company must decrease the balance per its records by $500.
c. The company must increase the balance per its records by $450.
d. The company must decrease the balance per its records by $450.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    I have to prepare an income statement from the following records. Can someone show me how?
  2. accounting

    Which of the following is not one of the steps to follow when preparing a bank reconciliation statement?
  3. accounting

    Els Company most recently reconciled its bank statement?
  4. accounting

    On May 31, 2011, James Logan Company had a cash balance per books of $6,781.50. The bank statement from Farmers State Bank on that date showed a balance of $6,404.60. A comparison of the statement with the cash account revealed the …
  5. math

    Business and Economics: For a business to make a profit it is clear that revenue R must be greater than cost C; in short, a profit will result only if R>C. if a company manufactures records and its cost equation for a week is C …
  6. math accounting

    The following information was drawn from the accounting records of Kwon Company as of December 31, 2012, before the temporary accounts had been closed. The Cash balance was $4,000, and Notes Payable amounted to $2,000. The company …
  7. math

    Problem 6-1 Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Calico Corners on May 31, 2012: a. The balance on the May 31, 2012, bank statement is $8,432.11. b. Not included …
  8. accounting

    Which of the following adjustmnts will require the company to record a debit memo sent by the bank?
  9. Accounting Homework

    On October 31, 2015, your company's records say that the company has $18,588.13 in its checking account. A review of the bank statement shows you have three outstanding checks totaling $7,403.37, and the bank has paid you interest …
  10. Accounting help

    Bank Reconciliation Prepare a bank reconciliation as of October 31 send the following information: a. October 31 cash balance in the general ledger is $1688. b. The October 31 balance Sean thinks statement is $746. c. Checks issued …

More Similar Questions