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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference?

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To determine: The reasons for difference between balance in cash and bank statement balance.

Explanation

The following are the two reasons for the difference in the balance in cash and the bank statement balance:

  1. 1...

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