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In preparing a monthly bank reconciliation, a business follows several steps. Place the selected steps below in the correct order of occurrence. ( i )
In preparing a monthly bank reconciliation, a business follows several steps. Place the selected steps below in the correct order of occurrence.
i Instructions
Add any unrecorded cash receipts, interest earned, and errors understating the book balance.
Subtract any unrecorded bank fees, NSF checks, and errors overstating the book balance.
Compute the adjusted bank balance.
Compute the adjusted book balance and compare it to the adjusted bank balance to verify equality.
Enter the bank statement balance then add any unrecorded deposits and subtract any outstanding checks.
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