While preparing the bank reconciliation for March,the accountant for Bertran Industries discovered that a $649 check in payment of an account payable had been entered incorrectly in the journal as $694.Which of the following is true?
A) An adjusting entry must be made to debit Cash and credit Accounts Payable for $45.
B) An adjusting entry must be made to debit Accounts Payable and credit Cash for $45.
C) The bank should be notified,and the bank should correct its records by adding $45 to the company's account.
D) No entry is needed for the reconciling item because it appears on the bank's side of the reconciliation.
Correct Answer:
Verified
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