Use the following to answer questions 1?9:Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter dollar amounts. (Note that "Not Affected" means that the event does not affect that element of the financial statements or the event causes an increase in that element that is offset by a decrease in the same element.)Increase = IDecrease = DNot Affected = NADuring the process of preparing the bank reconciliation, an employee for Heath Company discovered that a check written by Barrington Company had been charged to Heath Company's account.
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What will be an ideal response?
(NA) (NA) (NA) (NA) (NA) (NA) (NA)
If an error is found on the bank statement, an adjustment is made to the unadjusted bank balance to determine the true cash balance. The bank should be notified immediately to correct its records. Adjustments to the bank balance have no effect on the elements of the company's financial statements.
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