Answered: In a bank reconciliation, an EFT cash…

In a bank reconciliation, an EFT cash payment isa. deducted from the bank balance.b. added to the bank balance.c. added to the book balance.d. deducted from the book balance.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

In a bank reconciliation, an EFT cash payment is
a. deducted from the bank balance.
b. added to the bank balance.
c. added to the book balance.
d. deducted from the book balance.

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