True/False Questions 1. The primary purpose of a bank reconciliation is to detect and correct errors made by the bank in its records. 2. NSF checks are subtracted from the bank’s ending balance on the...

1. The primary purpose of a bank reconciliation is to detect and correct errors made by the bank in its records.

2. NSF checks are subtracted from the bank’s ending balance on the bank reconciliation.

3. The bank service charge requires a journal entry to record its effects on the cash account.

4. Unrecorded ATM withdrawals are added to the checkbook balance on the bank reconciliation.

5. The petty cash record is a journal of original entry (entries are posted from it to the general ledger accounts).