If the bank mistakenly recorded a $17 deposit as $71, the error would be shown on the bank reconciliation as a:
A)$71 addition to the bank balance.
B)$54 addition to the bank balance.
C)$71 deduction from the bank balance.
D)$54 deduction from the bank balance.

Question

Quizplus · Accepted Answer

The bank recorded $71 instead of $17, an overstatement by $54. To correct this, $54 should be deducted from the bank balance.

If the Bank Mistakenly Recorded a $17 Deposit as $71