When Preparing the Bank Reconciliation James Found That the Bank

question 16

Multiple Choice

When preparing the bank reconciliation James found that the bank had incorrectly debited the business' bank account with $200. The proper procedure is to:

• A) deduct $200 from the bank balance in the general ledger and notify the bank.
• B) do nothing as the bank will adjust the error when they balance.
• C) deduct $200 from the bank balance in the general ledger.
• D) add $200 to the bank statement balance in the bank reconciliation and notify the bank.

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Definitions:

Manufacturing Plastic Products

The process of producing items from plastic materials through various methods such as molding, extrusion, or assembly.

Close Corporation

A type of corporation characterized by a limited number of shareholders, no public market for its shares, and often more informal management and operations.

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An action undertaken by an individual that is illegal and considered gravely harmful to society, warranting significant legal penalty.

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To expel means to officially force someone to leave a place or organization, often due to violation of rules or norms.