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Gekata [30.6K]
2 years ago
11

In preparing a monthly bank reconciliation, a business follows several steps. Place the selected steps below in the correct orde

r of occurrence.
SAT
1 answer:
stira [4]2 years ago
8 0

The correct order to reconcile a monthly bank statement is:

  • 1. Identify the bank statment balance then add any deposits in transit and subtract any outstanding checks.
  • 2. Compute the adjusted bank balance.
  • 3. Identify the company's book balance.
  • 4. Add any unrecorded credit memoranda from the bank, interest earned, and errors understating the book balance.
  • 5. Identify and list any unrecorded debit memoranda form the bank, service charges, and errors overstating the book balance.
  • 6. Compute the adjusted book balance and compare it to the adjusted bank balace to verify equality.

<h3>What is a Bank Statement?</h3>

This refers to the financial record that contains the transactions in a bank account over a period of time.

Hence, we can see that a business owner must follow different steps when preparing a monthly bank reconciliation and they are shown above.

Read more about bank statement here:

brainly.com/question/15525383

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<h3>What is Encryption?</h3>

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