NO WRONG ANSWER In a bank reconciliation, outstanding checksare(1) Added to the bank balance(2) Subtracted from the bank balance(3) Added to the book balance(4) Ignored entirely

Option 2 is correct. Outstanding checks are bank reconciling item. These are expenses of the company…

Answered: In a bank reconciliation, outstanding…

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 2MC

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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 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
In a bank reconciliation, outstanding checks are ? a) Added to the bank balance b) Subtracted from the bank balance c) Added to the book balance d) Ignored entirely
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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, 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.
In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per bank statement. OTrue False
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
In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement. True False
The amount of the outstanding checks is included on the bank reconciliation as a(n) Select one: A. addition to the balance per bank statement B. addition to the balance per company's records C. deduction from the balance per company's records D. deduction from the balance per bank statement
Which of the following items does NOT cause a difference in the bank balance and the book balance on a bank reconciliation? a. Nonsufficient funds checks b. Deposits in transit c. Canceled checks d. Outstanding checks

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In a bank reconciliation, outstanding checks are (1) Added to the bank balance (2) Subtracted from the bank balance (3) Added to the book balance (4) Ignored entirely