Question

If a company erroneously records a $500 deposit as $50 in its records, which of the following must occur when reconciling its bank statement?

a. The company must increase the balance per its records by $500.
b. The company must decrease the balance per its records by $500.
c. The company must increase the balance per its records by $450.
d. The company must decrease the balance per its records by $450.
The company must increase the balance per its records by $450.

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