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AVprozaik [17]
1 year ago
5

In preparing a bank reconciliation, the amount of an error indicating the recording of a check in the journal for an amount larg

er than the amount of the check is added to the balance per company's records.
Business
1 answer:
never [62]1 year ago
6 0

The statement is true.

In preparing a bank reconciliation, the amount of an error indicating the recording of a check in the journal for an amount larger than the amount of the check is added to the balance per the company's records because the excess amount would be reduced from the bank balance in the company's records, So the company books are not correct. To make them correct the excess amount should be added back to the balance as per the company's records.

For example, if the check amount was 500 but the company recorded it as $550. Then means that the company records show $50 less compared to the bank statement. Therefore, that $50 is added back and then it comes equal to the bank statement balance.

When a note is written to settle open account an entry that converts the accounts receivable account to a note receivable account is required. This entry is required because when the note is written to settle accounts the company has to receive notes in the future and the amount of the account.

<em>Your question is incomplete. Please read below to find the missing content.</em>

In preparing a bank reconciliation, the amount of an error indicating the recording of a check in the journal for an amount larger than the amount of the check is added to the balance per company's records.

TRUE

FALSE

Learn more about balance here: brainly.com/question/1115815

#SPJ4

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8 0
3 years ago
Which of the following is part of a sustainable economy? ANSWER a) Unselected It will value and preserve ecosystem services and
elena-14-01-66 [18.8K]

Answer:

Letter e is correct. All of the listed responses are parts of a sustainable economy.

Explanation:

In a sustainable economy, people are much more aware of the preservation of nature's depleted resources, and the well-being of current and future generations, which induces companies to meet the demands of new conscious consumers by creating " green products "and the use of new technologies to reduce the negative impacts of production on the environment.

8 0
3 years ago
In January, Stitch, Inc. adopted the dollar-value LIFO method of inventory valuation. At adoption, inventory was valued at $50,0
Dennis_Churaev [7]

Answer:

B. $83,000

Explanation:

Inventory value at adoption = $50,000

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Increased price inventory = $30,000 + $3,000

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Amount of Inventory to be reported on balance = $50,000 + $33,000

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5 0
3 years ago
In​ 1975, interest rates were 7.85 % and the rate of inflation was 12.3 % in the united states. what was the real interest rate
asambeis [7]

-4.45%

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7.85-12.3 = -4.45%

3 0
3 years ago
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Answer:

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