Errors - Errors..Therefore, .,thebankmust...

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Errors.  Companies and banks sometimes make errors. Therefore, each transaction on the bank  statement should be double-checked. If the bank incorrectly recorded a transaction, the bank must  be contacted, and the bank balance must be adjusted on the bank reconciliation. If the company  incorrectly recorded a transaction, the book balance must be adjusted on the bank reconciliation and  a correcting entry must be journalized and posted to the general ledger. While reviewing the bank  statement, Vector Management Group discovers that check #1569 for $381, which was made  payable to an advertising agency named Ad It Up, had been incorrectly entered in the cash 
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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Errors - Errors..Therefore, .,thebankmust...

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