A Payment for $51 Is Incorrectly Recorded on the Checkbook

question 9

Multiple Choice

A payment for $51 is incorrectly recorded on the checkbook stub as $15. The $36 error should be shown on the bank reconciliation as:

• A) added to the balance per bank statement.
• B) deducted from the balance per bank statement.
• C) added to the balance per books.
• D) deducted from the balance per books.

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Definitions:

Interest

The cost of borrowing money or the payment received for depositing money, usually expressed as a percentage over a period of time.

Annual Payments

Payments made once a year, often in the context of loan repayments or investment incomes.

Interest

is the cost of borrowing money or the payment received for lending money, typically expressed as an annual percentage of the principal.

Debt

An amount of money borrowed by one party from another, often used to make large purchases that cannot be funded by other means.