Ask Question
BusinessBusiness
17 July, 23:06

When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, which action is it appropriate for the person to take first?

+4
Answers (1)
  1. 17 July, 23:19
    0
    Cash Book Adjustment

    Explanation:

    When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, the action that is appropriate for the person to take first is to adjust the cash book balance.

    Adjustment of cashbook is done by updating the cash book with all the entries in the bank statement that is not captured in the cash book. This includes the bank charges and standing orders. When this has been done then comparison becomes easier between the bank statement and the cash book checking account.

    The other procedure will be to add unpresented checks and less uncredited checks
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Bowa Construction's days sales outstanding is 50 days (on a 365-day basis). The company's accounts receivable equal $100 million and its balance sheet shows inventory equal to $125 million.
Answers (1)
are four fundamental resources-natural resources, capital, human resources, and entrepreneurship-that both businesses and nonprofits rely on. a. Basics of living b. Terms of union c. Aspects of competition d. Factors of production
Answers (1)
Darden Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 18,200 units in its beginning work in process inventory that were 10% complete with
Answers (1)
Select the best statement about the use of Technical Reviews in the current acquisition environment. [Relate the different types of program unique specifications to their appropriate configuration baselines and technical review requirements.] a.
Answers (1)
Which type of responsibility relates to a formal assignment of property responsibility to soldiers within the supply chain that have the property within their custody but not necessarily for their use?
Answers (1)
New Questions in Business
If a z-score is zero, which of the following must be true? Explain your reasoning. A. The mean is zero. B. The corresponding x-value is zero. C. The corresponding x-value is equal to the mean.
Answers (1)
What are the ramifications for an organization if it is not compliant with legal mandates?
Answers (1)
What is the function of a trial balance? Select one: a. A trial balance has no function when a company uses the manual system. b. A trial balance presents important graphs and notes to managers. c.
Answers (1)
A year ago, you purchased 300 shares of Stellar Wood Products, Inc. stock at a price of $8.62 per share. The stock pays an annual dividend of $0.10 per share. Today, you sold all of your shares for $4.80 per share.
Answers (1)
If you were to learn that Gatorade introduced new flavors in 2018, should that information affect your calculation of the inflation rate? If so, how?
Answers (1)
Home » Business » When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, which action is it appropriate for the person to take first?
Sign Up Forgot Password?