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Given the following information to reconcile Branch Company's bank account, which of the following items should be added to the company's book balance during the bank reconciliation process?
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6. Internal Controls and Reporting Cash
Bank Reconciliation
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A check that you have written has cleared the bank when:
A
You record the check in your check register.
B
You mail the check to the payee.
C
The amount of the check appears as a deduction on your bank statement.
D
The payee notifies you that they have received the check.
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Understand the concept of a check clearing the bank: A check is considered cleared when the bank processes it and deducts the amount from your account balance.
Review the options provided in the problem: Analyze each scenario to determine which one aligns with the definition of a check clearing the bank.
Option 1: Recording the check in your check register is a personal bookkeeping action and does not involve the bank processing the check.
Option 2: Mailing the check to the payee is the act of sending the payment, but it does not confirm that the bank has processed the check.
Option 3: The correct answer is when the amount of the check appears as a deduction on your bank statement, as this indicates the bank has processed the check and it has officially cleared.
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