While Reconciling the Checking Account, an Accountant with Sonic Corporation

question 132

Multiple Choice

While reconciling the checking account, an accountant with Sonic Corporation noticed that an error had been made in recording a check received by the company.Sonic recorded the receipt as $729 and the correct amount of the check was $279.What reconciling adjustment is required?

• A) Add $450 to the company's book balance
• B) Deduct $450 from the company's book balance
• C) Add $450 to the bank statement balance
• D) Deduct $450 from the bank statement balance

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Definitions:

Mobile Wallets

Digital versions of traditional wallets that someone can have on their smartphones, where they can store various payment information and other credentials for making transactions.

NFC

Near Field Communication, a wireless technology allowing for short-range communication between compatible devices.

UWB

Ultra-Wideband, a wireless communication technology used for transmitting large amounts of digital data over a wide spectrum of frequency bands with very low power.

Wi-Fi

A technology that allows electronic devices to connect to a wireless LAN network, typically using the 2.4 GHz or 5 GHz radio bands, for internet access or device networking.