A Check Drawn by a Company for $360 in Payment

question 61

Multiple Choice

A check drawn by a company for $360 in payment of a liability was recorded in the journal as $630.This item would be included on the bank reconciliation as a(n)

• A)addition to the balance per the company's records.
• B)addition to the balance per the bank statement.
• C)deduction from the balance per the bank statement.
• D)deduction from the balance per the company's records.

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Definitions:

Gold Standard Act

A U.S. law passed in 1900 that established gold as the sole basis for redeeming paper currency, effectively setting a monetary standard where the value of currency is defined in terms of gold.

Support of Business

Refers to policies or actions, typically by governments, intended to assist and promote the growth and success of the private sector.

Presidential Campaign

a series of coordinated activities, including public appearances and policy discussions, aimed at securing election to the presidency.

William McKinley

25th President of the United States, led during the Spanish-American War, assassinated in 1901.