Q.- Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction to 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.) 1. Check of a customer returned by bank to company because of insufficient funds, $1,200. 2. Deposit in transit, $12,375. 3. Outstanding checks, $14,770. 4. Note collected by bank, $10,600.

Q.- Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction to 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.) 1. Check of a customer returned by bank to company because of insufficient funds, $1,200. 2. Deposit in transit, $12,375. 3. Outstanding checks, $14,770. 4. Note collected by bank, $10,600.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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