In preparing its May 31, 2025 bank reconciliation, Sage Hill Co. has the following information available: Balance per bank statement, 5/31/25 Deposit in transit, 5/31/25 Outstanding checks, 5/31/25 Note collected by bank in May The correct balance of cash at May 31, 2025 is $47810. O $46450. $45090. O $52450 $46000 6450 6000 1360

Q: What is debit

A: Debit is an entry recorded in the left side column of an account.

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

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.