24. A bank statement a. It is a credit reference letter written by the bank where the cash is deposited. b. allows the company to know the financial position of the bank on a certain date. c. It is an invoice issued by the bank for services provided by the financial institution. d. it is a summary showing the activities that result in increases and decreases to the cash balance.

25. A check written for $270 in payment of a debt was recorded for the amount of $720. This item should be included in the bank reconciliation as a. added to cash balance according to company records b. added to cash balance according to bank records c. is subtracted from the cash balance according to bank records d. is subtracted from the cash balance according to company records