identify each of the following reconciling items as: an addition to the cash balance according to the bank statement a deduction from the cash balance according to the bank statement an addition to the cash balance according to the company's records a deduction from the cash balance according to the company's records (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Treatment 1. Bank service charges, $50. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000.
identify each of the following reconciling items as: an addition to the cash balance according to the bank statement a deduction from the cash balance according to the bank statement an addition to the cash balance according to the company's records a deduction from the cash balance according to the company's records (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Treatment 1. Bank service charges, $50. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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identify each of the following reconciling items as: an addition to the cash balance according to the bank statement a deduction from the cash balance according to the bank statement an addition to the cash balance according to the company's records a deduction from the cash balance according to the company's records (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Treatment
1. Bank service charges, $50.
2. Check of a customer returned by bank to company because of insufficient funds, $520.
3. Check for $345 incorrectly recorded by the company as $435.
4. Check for $200 incorrectly charged by bank as $2,000.
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