While preparing a bank reconciliation, an accountant discovered that a $426 check returned with the bank statement had been recorded erroneously in the depositor's accounting records as $462. In preparing the bank reconciliation the appropriate action to correct this error would be to:

Question

Quizplus · Accepted Answer

The check was recorded as $462 instead of $426, an overstatement by $36. To correct this, $36 should be added to the depositor's records.

While Preparing a Bank Reconciliation, an Accountant Discovered That a $426