For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether a journal entry is required: a Deposits in transit b Bank service charges Items c Interest eamed on deposits in bank d Bank collected note receivable on behalf of depositor e Minimum balance bank tee NSF chocks a Outstanding check written to supplier Bank or Book side Addition or Subtraction Entry required or Not C

Q: Accounting equation system

A: The answer is provided as follows:

Q: classified balance sheet

A: Classified balance sheet is a part of financial statements in which items are classified under…

Q: What is data reliance on a task? (relative to Accounting Information Systems)

A: Introduction: Accounting Information system: Accounting An information system is a collection of…

Q: Define Unclassifi ed balance sheet

A: Introduction: Unclassified balance sheets are typically utilized only for internal purposes.…

Q: What is notional principal?

A: This is a type of derivative used by two parties under a contract to exchange the consequences (net…

Q: Definiton of accounting

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing, and…

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: Define Economic entity assumption.

A: Economic entity assumption is an accounting principle that separates the  transactions carried out…

Q: Basic purpose of accounting

A: There are two basic purpose of Accounting they are 1. Ascertaining Financial results (Profit ans…

Q: Explain principal (agency relationships)

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal approves agent to…

Q: What information is provided by the Vendor Balance Detail Report?

A: The Vendor Balance Detail Report provides a detailed summary of a vendor's balance, including…

Q: Define Disclosure notes.

A: Disclosure notes in accounting refers to the footnotes which are included in financial statements.

Q: Difference of Perpetual and Peiodic

A: Perpetual:-It is the inventory management system that keeps the record of the inventory in…

Q: Define disbursement float

A: Disbursement float is a technique by which entity manages the cash as when a firm disburses the…

Q: Define bill-and-hold arrangement with example.

A: Bill on hold: Bill on hold transaction specifies that shipping of the product is not done by the…

Q: termediate goods in manage

A: In the context of management accounting, intermediate goods are products that are not quite finished…

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: What is the purpose of a subsidiary ledger?

A:

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.