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14 March, 08:03

In examining its monthly bank statement, a company discovers that that its account was credited $30 for interest earned. The entry needed to adjust the company's cash balance for this reconciling item will include a:

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  1. 14 March, 10:01
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    Added to Cash Book Balance in Bank Reconciliation Statement

    Explanation:

    Bank Reconciliation Statement BRS is made to correct for the mismatch between bank balance as per cash book & bank balance as per pas book.

    If account has been credited (added) with $30 for interest earned, discovered later i. e not recorded in cash book : The amount has been added in passbook, but not in cashbook.

    So, to match the difference : Interest earned but not recorded = $30 will be added to 'Favourable Debit balance as per cash book', to achieve 'Favourable Credit balance as per pass book' in the BRS.
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Home » Business » In examining its monthly bank statement, a company discovers that that its account was credited $30 for interest earned. The entry needed to adjust the company's cash balance for this reconciling item will include a:
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