The business has received a Bank Statement from ABC Bank. Ted conducts a reconciliation and finds the following items that need adjustment: (i) Bank Charges of $160 have been made by the bank. (ii) Interest on Loan of $1,800 has been charged. (iii) A deposit of $3,000 was also made directly to the bank for a Business Award from the local Chamber of Commerce.
a.) Increase in the bank balance
b.) Decrease in the bank balance
c.) No impact on the bank balance
d.) Insufficient information to determine impact