Entries Based on Bank ReconciliationWhich of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.)ItemEntry Required1. Bank service charges. 2. NSF check returned to company by the bank. 3. Check incorrectly recorded by company. 4. Check incorrectly charged by bank. 5. Deposit in transit. 6. Outstanding checks. 7. Note collected by bank.

Bank reconciliation:Bank statement is prepared by bank. The company maintains its own records from…

Answered: Entries Based on Bank Reconciliation…

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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Entries Based on Bank Reconciliation

Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.)

Item	Entry Required
1. Bank service charges.
2. NSF check returned to company by the bank.
3. Check incorrectly recorded by company.
4. Check incorrectly charged by bank.
5. Deposit in transit.
6. Outstanding checks.
7. Note collected by bank.

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