Question

A bank correction of an error from recording a $50 check paid as $500 appears on the bank statement as a:_________

Answer 1

A bank correction of an error from recording a $50 check paid as $500 appears on the bank statement as a credit memorandum that increases the account balance.

Recording errors must be introduced or subtracted from the ebook stability. If the item cleared the financial institution for much less than the quantity within the books, add the amount of the error. If the object cleared the financial institution for greater than the quantity within the books, subtract the quantity of the mistake

Make all the necessary modifications for the bank's mistakes. In case the bank reconciliation statement begins with the debit stability as in keeping with the financial institution column of the coins ebook, add all of the quantities erroneously credited by the bank and deduct all the quantities erroneously credited by using the bank.

Debit cash within the journal via writing "cash" on the primary journal line and the quantity of the error within the debit column of the magazine. visit the road proper under it within the magazine, indent the access barely, then write the account call laid low with the mistake and credit score the quantity of money involved.

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