With which journal is the bank statement reconciled?
Understand the Problem
The question is asking which specific journal is used to reconcile a bank statement. This involves understanding accounting practices related to financial recordkeeping.
Answer
The cash receipts journal.
The final answer is the cash receipts journal.
Answer for screen readers
The final answer is the cash receipts journal.
More Information
Bank reconciliation usually involves the cash account, and differences are identified and adjusted in the cash receipts journal.
Tips
A common mistake is confusing the role of other journals like the debtors' or creditors' journals with the cash receipts journal in bank reconciliation.
Sources
- What is a Bank Reconciliation? | F&A Glossary - BlackLine - blackline.com
- Bank Reconciliation - Accounting Principles I - Cliffs Notes - cliffsnotes.com
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