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If the company’s accountant mistakenly recorded a $67 deposit as $103, the error would be shown on the bank reconciliation as a(n): O $103 deduction from the book balance. O $36 deduction from the book balance. O $103 addition to the book balance. $36 addition to the book balance.
Expert Answer
1. ANSWER = B) $36 Deduction from the book balance
Deposit recorded as =103
Deposit has to be recorded at = 67
Excess recorded = 103 – 67 = 36
Bank Reconciliation as $36 deduction from the book balance.
2. Answer = A) $13,270
The beginning credit balance of $18,210 – Debits of ($4,690 + $11,290 + $14,790) + Credits of ($3,610 + $9,510 + $12,710) = Ending credit balance of $13,270.
3. The company records the issuance with a debit to cash for:
ANSWER = D) $4 Million, a credit to preferred stock for $300000 and a credit to additional paid in capital for $3.7 million.
| General Journal | Debit | Credit |
| Cash | 4000000 | |
| Preferred stock | 300000 | |
| Additional paid in capital | 3700000 |
