a check for $342 was erroneously charged by the bank as $432. in order for the bank reconciliation to balance, you must add $90 to the bank statement balance.

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13-10-2022
Business

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a check for $342 was erroneously charged by the bank as $432. in order for the bank reconciliation to balance, you must add $90 to the bank statement balance.

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vtalishathapar vtalishathapar · Answer 1 · 2022-10-26T18:02:33+02:00

True. A check for $342 was erroneously charged by the bank as $432. in order for the bank reconciliation to balance, you must add $90 to the bank statement balance. The bank should credit the excess amount of $90.

What is the journal entry for bank reconciliation?

Journal Entry Definition in a Bank Reconciliation When there are changes to the balance according to the books, a bank reconciliation needs journal entries. These adjustments are the result of things that were on the bank statement but were not reflected in the general ledger accounts of the business.

Charged $432 instead of $342, debiting $90 in excess that the bank ought to credit. Therefore, in the bank reconciliation, it needs to be added to the Bank balance.

Thus, the given statement is true.

Learn more about the bank reconciliation here:

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