Which one of the following would be the correct entry for the bank reconciliation process?
Understand the Problem
The question is asking for the correct accounting entry related to a bank reconciliation process, based on the discrepancy between the bank account records and the bank statement. It focuses on how to adjust the records to match the correct deposit amount.
Answer
Credit the bank account in the General Ledger, R3 600.00.
The correct entry is to credit the bank account in the General Ledger, R3 600.00.
Answer for screen readers
The correct entry is to credit the bank account in the General Ledger, R3 600.00.
More Information
The error results from the bank incorrectly recording the deposit amount. Adjusting the general ledger corrects this discrepancy.
Tips
A common mistake is not properly identifying the error type (overstatement vs. understatement) before making adjustments.
Sources
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