a-bank-error-resulted-in-a-500-understatement-of-the-bank-balance-how-should-thi

Question

A bank error resulted in a $500 understatement of the bank balance. How should this be corrected in the reconciliation?

Accepted Answer

Add $500 to the bank balance.

Answer

Subtract $500 from the book balance.

Answer

Add $500 to the book balance.

Answer

Subtract $500 from the bank balance.

A bank error resulted in a \$500 understatement of the bank balance. How should this be corrected in the reconciliation?