Question

Indicate whether each of the following should be (A) added to the bank statement balance, (B)...

Indicate whether each of the following should be

(A) added to the bank statement balance,

(B) subtracted from the bank statement balance,

(C) added to the checkbook balance,

(D) subtracted from the checkbook when computing the reconciled balance.

1. Bank error: A deposit of $280 is shown on the statement as $250. Is it A,B,C or D

2. NSF check returned to the depositor. Is it A,B,C or D

3. Automatic transfer for safe deposit fee. Is it A,B,C or D

4. Error in the checkbook: a check written for $45 was recorded as $54. Is it A,B,C or D

5. ATM withdrawal not recorded in the depositor's records Is it A,B,C or D

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Homework Answers

Answer #1
1 Bank error: A deposit of $280 is shown on the statement as $250. (A) added to the bank statement balance
2 NSF check returned to the depositor. (D) subtracted from the checkbook when computing the reconciled balance.
3 Automatic transfer for safe deposit fee. (D) subtracted from the checkbook when computing the reconciled balance.
4 Error in the checkbook: a check written for $45 was recorded as $54. (C) added to the checkbook balance
5 ATM withdrawal not recorded in the depositor's records (D) subtracted from the checkbook when computing the reconciled balance.
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