2024 Nation’s Best Electronics’ accountant bank error, assignment help

Nation’s Best Electronics’ accountant bank error, assignment help

Business Finance Assignment Help 2024

Nation’s Best Electronics’ accountant wrote a check to a supplier for inventory in the amount of $1,300

but erroneously recorded it on the​ company’s books as $1,030.

She discovered this when she saw the monthly bank statement and noticed that the check had cleared the bank for $1,300.

How would this be handled on the bank​ reconciliation? Enter the transaction into the accounting equation

Nation’s Best​’s accountant needs to make to correct its accounting records.

The accountant should (add or deduct) the difference of (?) from the (bank or book) balance when reconciling the bank statement.

Enter the transaction into the accounting equation Nation’s Bestaccountant needs to make to correct its accounting records. Some of the account nameswill be abbreviated. ​(Use parentheses or a minus sign when entering account decreases. Use only the necessary input​ lines.)

   

Shareholders’ Equity

Assets

=

Liabilities

+

Contributed Capital

+

Retained Earnings

$

Account

$

Account

$

Account

$

Account

=

+

+

=

+

+