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The Bank Statement Reveals an EFT Received from a Customer

question 96

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The bank statement reveals an EFT received from a customer that has not yet been recorded in the ledger.How would this information be included on the bank reconciliation?


Definitions:

Agency by Estoppel

A principle in law whereby a person is prevented (estopped) from denying the existence of an agency relationship due to their previous actions or representations.

Misrepresents

To falsely or inaccurately portray information, facts, or details, often with the intent of deceiving others.

Unauthorized Act

An action taken by an individual or entity without permission or authority, often leading to a breach of contract or law.

Independent Contractors

Individuals or entities contracted to perform work for another entity as non-employees, responsible for their own tax obligations.

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