While reconciling the chequing account,the accountant notices that an error has been made in recording a cheque received by the company.The bookkeeper has recorded the receipt as $729,but the correct amount of the cheque is $279.Which of the following reconciling adjustments is necessary?
A) adding $450 to the company's records
B) deducting $450 from the company's records
C) adding $450 to the bank statement balance
D) deducting $450 from the bank statement balance
Correct Answer:
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