In a bank reconciliation, outstanding checks are?a) Added to the bank balanceb) Subtracted from the bank balancec) Added to the book balanced) Ignored entirely

In a bank reconciliation, outstanding checks are: b) Subtracted from the bank balance. Explanation:…

Answered: In a bank reconciliation, outstanding…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 15MC: Which of the following items are found on a book side of the bank reconciliation? A. beginning bank...

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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
Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
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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
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
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 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.
5)
More info a. Outstanding checks, $670. b. Deposits in transit, $1,500. C. NSF check from customer, no. 548, for $175. d. Bank collection of note receivable of $800, and interest of $80. Interest earned on bank balance, $20. e. f. g. h. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. The bank incorrectly decreased the business's by $350 for a check written by another business. X

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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