In the normal operation of business you receive a check from a customer and depo

Q: In the normal operation of business you receive a check from a customer and depo

ANS: d)Subtract both values from balance according to books. Explanation: The problem states that bank records and books are not i n agreement due to the returned check & service fee. The soution is to enter diffreance in the books . So we would subtract $425 from cash in bank and create an expense entry for $45 which would also reduce cash in bank.

ID: 2490065 • Letter: I

Question

In the normal operation of business you receive a check from a customer and deposit it into your checkir account. With your bank statement you are advised that this check for $425 is "NSF". The bank also informs you that due to the amount of activity on your business account the monthly service charge is $45. During a bank reconciliation: subtract both values from balance according to bank. add both values from balance according to books. add both values from balance according to bank. subtract both values from balance according to books.

Explanation / Answer

ANS: d)Subtract both values from balance according to books.

Explanation:

The problem states that bank records and books are not i n agreement due to the returned check & service fee.

The soution is to enter diffreance in the books . So we would subtract $425 from cash in bank and create an expense entry for $45 which would also reduce cash in bank.

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In the normal operation of business you receive a check from a customer and depo

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