Stephen used a reconciliation worksheet, but his checkbook balance does not match the final worksheet balance. Evaluate the
following list of possible errors that he has made. Decide which items could potentially correct this problem if found and corrected
item number
Name of potential Explanation of what to verify
error
Clearing the
All the transactions on the statement that match
checkbook
transactions in the checkbook should be marked as
cleared in the checkbook.
Correcting checkbook All transactions on the statement that were not found in
omissions
the checkbook should have been entered into the
Jcheckbook.
Outstanding credits Verify that the sum of outstanding credits and the sum of
and debits
Joutstanding debits are correct.
Verify that all addition and subtraction has been done
correctly and there are no transpositions of numbers.
Previous reconciliation Verify that the previous reconciliation was performed
correctly, and that all cleared items are marked as such
lin the checkbook
Math
Mark this and retum
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