The following reconciling items are applicable to the bank reconciliation for the Spahn Company. Select whether each of the following items would be added to the book balance, deducted from the book balance, added to the bank balance, or deducted from the bank balance. a. Outstanding checks. Added to the Book BalanceAdded to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank Balance b. Bank credit memorandum for collecting a note for the depositor. Deducted from the Bank BalanceAdded to the Bank BalanceAdded to the Book BalanceDeducted from the Book Balance c. Bank debit memorandum for service charge. Added to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank BalanceAdded to the Book Balance d. Deposit in transit. Deducted from the Bank BalanceDeducted from the Book BalanceAdded to the Book BalanceAdded to the Bank Balance

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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The following reconciling items are applicable to the bank reconciliation for the Spahn Company. Select whether each of the following items would be added to the book balance, deducted from the book balance, added to the bank balance, or deducted from the bank balance.

a.	Outstanding checks.	Added to the Book BalanceAdded to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank Balance
b.	Bank credit memorandum for collecting a note for the depositor.	Deducted from the Bank BalanceAdded to the Bank BalanceAdded to the Book BalanceDeducted from the Book Balance
c.	Bank debit memorandum for service charge.	Added to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank BalanceAdded to the Book Balance
d.	Deposit in transit.	Deducted from the Bank BalanceDeducted from the Book BalanceAdded to the Book BalanceAdded to the Bank Balance

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