Solve this problem A deposit in transit on last period's bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing thisperiod's reconciliation, the amount of this deposit should be:a. Added to the book balance of cashb. Deducted from the book balance of cashc. Added to the bank balance of cashd. Deducted from the bank balance of cashe. Not included as a reconciling item

The deposit in transit from the last period's bank reconciliation has now appeared on this period's…

Answered: A deposit in transit on last period's…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 2CE

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Similar questions

Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bank
Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
Which of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest income
A deposit in transit on last period's bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing this period's reconciliation, the amount of this deposit should be: a. Added to the book balance of cash b. Deducted from the book balance of cash c. Added to the bank balance of cash d. Deducted from the bank balance of cash e. Not included as a reconciling item
In a bank reconciliation, an EFT cash payment isa. deducted from the bank balance.b. added to the bank balance.c. added to the book balance.d. deducted from the book balance.
In the reconciliation of a bank statement, "deposits in transit" should be:a. added to the unadjusted book balanceb. subtracted from the unadjusted bank balancec. added to the unadjusted bank balanced. subtracted from the unadjusted bank balance
In a bank reconciliation, a deposit in transit is A. deducted from the bank balance on the bank statement B. added to the bank balance in the general ledger C. added to the bank balance on the bank statement D. deducted from the bank balance in the general ledger
In a bank reconciliation, an outstanding check isa. deducted from the book balance.b. deducted from the bank balance.c. added to the bank balance.d. added to the book balance.
What is “Deposit in transit” in bank reconciliation? Select one: A. Subtracted From the Cash Book Balance B. Added to Bank Balance C. Subtracted From Bank Balance D. Added to Cashbook Balance
Which of the following must be deducted from the bank statement balance in preparing a bank reconciliation which ends with an adjusted cash balance? a. Reduction of the loan charged to the account of depositor b. Outstanding checks c. Deposit in transit d. Certified checks
Please help me with this practice question?
When the bank reconciliation is being completed, Deposits in Transit would be: Added to the Bank Statement Balance Subtracted from the Bank Statement Balance Added to the Cash General Ledger Balance Subtracted from the Cash General Ledger Balance

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