The bank made a mistake inregistering the value of an incomingcheck to the company's account byrecording it as 700 dinars instead of800 dinars.Required:1- How to act on that mistake whenpreparing the bank reconciliationwith the company?2- The registration procedureobligatory for the company

Bank reconciliation: It is the activity of regularly checking the bank recorded transaction in the…

Answered: The bank made a mistake in registering…

The bank made a mistake in registering the value of an incoming check to the company's account by recording it as 700 dinars instead of 800 dinars.

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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Question

The bank made a mistake in
registering the value of an incoming
check to the company's account by
recording it as 700 dinars instead of
800 dinars.
Required:
1- How to act on that mistake when
preparing the bank reconciliation
with the company?
2- The registration procedure
obligatory for the company

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