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DD ltd received its monthly bank statement as at 31 december 20X1 from DSB LTD and the statement shows an ending cash balance of $1565. Listed on the statement are an electronic funds transfer from rent collected of $320, bank service charges of $7, two bounced cheques totalling $115, and an $11 bank charge for cheque book issued. The bounced cheques were received from customers who purchased on credit. In reviewing its cash records, DD ltd noted that there are outstanding cheques totalling $602 and a deposit in transit of $790. During December 20X1, it was noted that a $290 cheque issued for the salary of a part-time employee was incorrectly recorded in the books as $29. DDltd's cash book balance as at 31 December 20X1 showed $1827.
Problem 1: In using the bank reconciliation as a control device, determine which of the following statements relating to adjusting entries to be passed during a bank reconciliation is false?
Option 1: DD ltd will Dr Salary Expenses $290 and Cr cash $290 for the incorrectly recorded salary for part-time employee
Option 2: DD ltd will Dr Accounts receivable $115 Cr Cash $115 for the bounced cheques
Option 3: DD ltd will dR bANK charges $7 Cr $7 for the bank service charges
Option 4: None of the listed options
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