An error in recording a $71 deposit as $17 would be included on the bank reconciliation as an addition of $54.
A bank reconciliation is the process used in bookkeeping to compare the balance of a bank account as recorded in the books of an entity to the balance reported by the financial institution in the most recent bank statement. Any discrepancy between the two numbers needs to be investigated and, if necessary, fixed.
Organizations compare their bank statements with the transactions listed in their general ledger as part of the crucial accounting procedure known as bank reconciliation. Making a bank reconciliation statement enables organizations to obviate potential bookkeeping or transactional problems.
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