While Reconciling Swanson Company's Bank Statement an Error Was Discovered

question 90

Short Answer

While reconciling Swanson Company's bank statement an error was discovered. A $394 cash receipt for the collection of an account receivable was recorded in the company's books as $349. The deposit was recorded correctly by the bank.

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Definitions:

Twin Studies

Research methods involving the comparison of the development and behaviors of twins to understand genetic and environmental influences.

Preparedness

The state of being ready and equipped to deal with something, often implying prior learning or adaptation.

Phobia

A phobia is an intense, irrational fear of specific objects, scenarios, or activities, leading to avoidance behavior and significant distress.

Heights

Elevated places or positions above a reference point, often associated with a fear or phobia when extreme.