Answered: Which is the correct action to…

Which is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to Book Balance OD) Deduct from Bank Balance OB) Deduct from Book Balance OC) Add to Bank 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

Which is the correct action to reconcile the bank statement for a Bank service charge?
OA) Add to Book Balance
OD) Deduct from Bank Balance
OB) Deduct from Book Balance
OC) Add to Bank Balance

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