If a company erroneously records a $50 check received from a customer as $500 in its records, which of the following must occur when reconciling its bank statement? Oa. The company must decrease the balance per its records by $450. Ob. The company must increase the balance per its records by $500. Oc. The company must increase the balance per its records by $450. Od. The company must decrease the balance per its records by $500.

If a company erroneously records a $50 check received from a customer as $500 in its records, which of the following must occur when reconciling its bank statement? Oa. The company must decrease the balance per its records by $450. Ob. The company must increase the balance per its records by $500. Oc. The company must increase the balance per its records by $450. Od. The company must decrease the balance per its records by $500.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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