Which one of the statements appearing below is incorrect regarding bank reconciliations? Multiple Choice

A)If a company's records show a different cash balance from that shown on the company's bank statement, either the company or the bank has made an error.

B)A bank reconciliation is an internal report prepared to report the cash balance to investors and creditors.

C)The up-to-date ending cash balance on the bank statement side will always equal the up-to-date ending cash balance on the book side.

D) After preparing a bank reconciliation, no journal entries need to be made for outstanding checks or deposits in transit.