During a bank reconciliation process, Oa. outstanding checks and deposits in transit are subtracted from the bank statement balance Ob. outstanding checks are added and deposits in transit are subtracted from the bank statement balance Oc. outstanding checks and deposits in transit are added to the bank statement balance Od. outstanding checks are subtracted and deposits in transit are added to the bank statement balance

During a bank reconciliation process, Oa. outstanding checks and deposits in transit are subtracted from the bank statement balance Ob. outstanding checks are added and deposits in transit are subtracted from the bank statement balance Oc. outstanding checks and deposits in transit are added to the bank statement balance Od. outstanding checks are subtracted and deposits in transit are added to the bank statement balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In a bank reconciliation, a bank service charge for printing checks is: A. added to the bank balance. B. added to the book balance. C. subtracted from the book balance. D. suthrachod from the bank balance.
The term deposits in transit refer to: a. Deposits that were made after the bank statement was mailed b. Deposits that have left the organization and are on their way to the bank c. The individual who is transporting the deposits to the bank d. Funds that have been wired but not yet received
Would a bank service charge be added to or subtracted from the company's books or the bank statement during the construction of a bank reconciliation?
Which of the following should be included as part of outstanding checks in preparing bank reconciliation? i. Undelivered checks; ii. Post-dated checks; iii. Stale checks a.i and ii b.i and iii c.ii and iii d.None of the above
After preparing a bank reconciliation, journal entries are necessary to record Bank service charges Deposits in transit Outstanding checks Both B and C are correct A, B, and C are correct
Solve this problem
prepare a bank reconciliation.
method of preparing bank reconciliation wherein the bank balance is adjusted to agree with the book balance a. bank to book method b. adjusted method c. bank to bank method
10. The following are bank reconciling items, except: a. Deposit in transit b. Bank errors c. NSF Check d. Outstanding Checks
Which of the following is a bank account from which a company transfers funds from a master account only as needed to cover checks presented for payment. A- Zero-balance account B- Concentration account C- Compensation account D- Correspondent account