The following are reconciling items in an enterprise's bank reconciliation statement. I. Deposit in transit II. Company check for P32,500 recorded in the books for P23,500 III. Check of another company erroneously charged by bank in the company's account IV. Deposit of another company erroneously credited by bank to the company's account V. Bank service charges VI. No sufficient fund check charged back by the bank VII. Company deposit for P32,500 recorded in the books for P23,500 Which of the foregoing adjustments would be shown as deduction from the cash balance per books in order to arrive at the correct cash balance? a.II, IV, V, VI and VII

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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10.The following are reconciling items in an enterprise's bank reconciliation statement.

I. Deposit in transit
II. Company check for P32,500 recorded in the books for P23,500
III. Check of another company erroneously charged by bank in the company's account
IV. Deposit of another company erroneously credited by bank to the company's account
V. Bank service charges
VI. No sufficient fund check charged back by the bank
VII. Company deposit for P32,500 recorded in the books for P23,500

Which of the foregoing adjustments would be shown as deduction from the cash balance per books in order to arrive at the correct cash balance?

a.II, IV, V, VI and VII
b.II, V, VI and VII
c.II, V and VI
d.V, VI and VII
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