For Which of the Following Errors Should the Appropriate Amount

question 29

Multiple Choice

For which of the following errors should the appropriate amount be added to the balance per bank on a bank reconciliation?

• A)Check for $63 recorded by the company as $36.
• B)Deposit of $600 recorded by the bank as $60.
• C)A returned $300 check recorded by the bank as $30.
• D)Check for $75 recorded by the company as $57.

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Definitions:

Minimum Operating Lease Payments

The minimum amount that a lessee is obligated to pay over the lease term for the right to use an underlying asset, excluding costs such as maintenance and taxes that are paid by the lessee.

Sales-Type Lease

A lease agreement in which the lessor recognizes immediate profit on the leased asset, as if it were sold, typically used in capital leasing.

Operating Lease

A contract allowing the use of an asset without transferring ownership rights, typically with shorter terms than a finance lease.

Implicit Interest Rate

This reflects the cost of borrowing, calculated from the lease terms, used to measure the present value of lease payments.