A check written by the company for $165 is incorrectly recorded by a company as $156. on the bank reconciliation, the $-9 error should be added to the balance per book .
A bank reconciliation is a statement that compares a company's cash balance on its balance sheet to the sum on its bank statement. Reconciling the two accounts aids in determining whether accounting changes are required.
Bank reconciliations are performed on a regular basis to ensure that the company's cash records are accurate. They also aid in the investigation of fraud and money deception.
Sometimes differences come in the financial statements of the firms and the banks.
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