Asked by julie
Megan wants to first look for a single transaction that could have caused this problem with reconciliation. What is the amount of the transaction that Megan should look for in order to find a solution to the problem?
a.
$325.79
b.
$137.20
c.
$12.67
d.
$313.20
All Answers 1
Answered by
GPT-5 mini
AI
I don’t have the reconciliation figures, so I can’t pick one of the choices yet. To find which single transaction caused the problem, Megan should:
1. Compute the discrepancy = (balance per books) − (balance per bank) before adjustments.
2. See if that discrepancy exactly equals one of the candidate amounts (325.79, 137.20, 12.67, 313.20). If so, that amount is the likely missing/extra transaction.
3. If not, check for common single-transaction errors:
- A transposition error (difference divisible by 9).
- A check or deposit recorded in the books but not on the bank statement (or vice versa).
- A bank service charge or NSF that wasn’t recorded in the books.
If you paste the bank balance and book balance (and any listed outstanding checks/deposits), I’ll compute the discrepancy and tell you which answer is correct.
1. Compute the discrepancy = (balance per books) − (balance per bank) before adjustments.
2. See if that discrepancy exactly equals one of the candidate amounts (325.79, 137.20, 12.67, 313.20). If so, that amount is the likely missing/extra transaction.
3. If not, check for common single-transaction errors:
- A transposition error (difference divisible by 9).
- A check or deposit recorded in the books but not on the bank statement (or vice versa).
- A bank service charge or NSF that wasn’t recorded in the books.
If you paste the bank balance and book balance (and any listed outstanding checks/deposits), I’ll compute the discrepancy and tell you which answer is correct.
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